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Bailout 'helps stabilise Greece and Europe'

Bailout 'helps stabilise Greece and Europe'
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In Brussels, the mood was one of congratulation that the marathon to agree Greece’s second major rescue – in principle – was finally at an end. Much of the multi-billion euro deal comes from strong arming private investors, forcing them to take heavy losses on their existing bonds.

Addressing the final Ecofin news conference Danish Finance Minister Margrethe Vestager said: “We congratulate our colleagues from the Eurogroup on their agreement on Greece, taking a very important step in order to stabilise not only Greece but also the European economy.”

The Greek government will also come under much more scrutiny from its international creditors, the so called troika. As part of the deal the EU plans to deploy a permanent team of foreign inspectors to monitor the debt stricken country’s finances.

Greek Journalist Athanasios Athanasiou told euronews: ‘‘One of the first findings of the first troika mission back in 2010, was that the public administration in Greece, not only the government, didn’t have the capacity to implement the reforms. So they need to have someone there to tell them not exactly what to do, but how to do it.”

Speaking from the European Council in Brussels euronews’ Raquel García Álvarez said: ‘‘Greece is a unique case, a message which was repeated several times during the final news conference of this Ecofin meeting. Italy and Spain were also congratulated for their efforts to consolidate their budget. Madrid and Rome and 10 other EU countries also asked for concrete growth measures, but have received no answer yet.’‘