Eurozone finance ministers meeting in Luxembourg have given Greece five out of ten for attempts to cut their budget deficit while saying they could do better. After Athens admitted it would miss the 2011 benchmark targets for the next bail-out instalment the EU agreed to extend Greece’s performance goals.
“We also urged the Greek government to agree with the ‘troika’ on additional consolidation measures to close any remaining fiscal gaps in 2013 and 2014,” said Jean Claude Junker, President of the Eurogroup.
Regarding the general bailout fund formally known as the European Financial Stability Facility, ministers have been encourged knowing that only the Netherlands and Slovakia are yet to ratify.
Olli Rehn, Commissioner for Economic Affairs said:
“Once ratified, the new EFSF will soon have access to new tools of intervention such as precautionary credit lines and interventions in the secondary markets and recapitalisation of financial institutions under certain conditions.”
Euronews reporter Marguerita Sforza said: “The President of the Eurogroup Jean Claude Juncker has shown some optimism, saying he has received reassuring news from the Slovakian government. The objective is to have the EFSF reform ratified by Slovakia before October’s European summit.”