Euro zone finance ministers have been meeting in Brussels with Greece’s second bail-out on the agenda as well as the Spanish economy.
The Greek Finance Minister was in a positive mood on arrival after last week’s successful and crucial restructuring of private debt – the largest such move in history.
“Im very optimistic for a universal participation in the PSI”, said Evengelos Venizelos. “From the outside the target is now the full implementation of the program and of course the return of Greece to growth.”
Spain is now coming under close scrutiny after admitting last month that it won’t meet the fiscal target of a plan that it signed up to.
Despite that there has been an acknowledgement of Spain’s efforts to tackle its deficit, and Greece, at least for now, remains the immediate worry.
The Greek issue may now be moving into a more stable phase, but the continued recession and the prospect of elections in Athens in a few weeks time, will pose serious risks to the consolidation of the Greek rescue plan.