Brussels (Reuters) - the Finance Ministers of the Euro area approved a rescue plan of 78 billion euros ($110 billion) for the Portugal, but as a condition of the agreement insisted that Lisbon ask private bond to maintain their exposure to debt.
Here are a few comments made by officials of the European Union and the Finance Ministers after their Monday discussions.
FRENCH: THE MINISTER OF FINANCE CHRISTINE LAGARDE
THE GREEK DEBTS:
"The restructuring, rescheduling: off the coast of the table."
"A restructuring or a rescheduling which would constitute a default situation, what we would call a credit event, are off the table for me."
EUROGROUP PRESIDENT JEAN-CLAUDE JUNCKER
ON the IMF DOMINIQUE STRAUSS-KAHN:
Mr. Dominique Strauss-Kahn has not resigned and I do not say that it should do so. I refuse to give an answer to these questions. It is indecent that some Governments already this morning began on this debate. This is a debate that has no place. ?
ON THE OUTSIDE OF THE AGENCY IN THE TERM GREEK PRIVATIZATION:
"It was a question that we were already discussing...". In the assumption that additional measures should be necessary and the need to give far more importance to the privatization program, it is an option that will be taken under the reason, which is shared by some of our colleagues, but no doubt the Minister of finance said that you are not shared by everyone. ?
ON "REPORT" OF THE GREEK RATHER THAN RESTRUCTURING DEBT:
"I must repeat that a major restructuring is no option." No one was mentioning this evening the need for a major restructuring.
"Would not exclude definitively a kind of report, but it is not an isolated... response."
"We see that if additional measures more are needed... and then, only if all these conditions are met, can the debate us of the report.". It does not Report or anything, its measures and measures and measures and then perhaps Report. ?
ON THE GREEK FISCAL TARGETS:
"Urgent measures are needed in Greece to achieve the budgetary objectives which are those that we agreed when we launched the Greek assistance program.".
"We have clear agreement of the Greek Government to take additional measures to achieve the budgetary targets for 2011, to increase the volume of the privatization effort and everyone knows that the Greece has to spend more effort and the Greek Government would be the first to recognize...." ?
"Things are achievable." I would never say that things are easy, but they are achievable, if they are taken on board by the Greek authorities. "What is of paramount importance for us is to have a multiparty agreement in Greece, we had one in the Portugal...."
ON THE SITUATION OF THE IMF DOMINIQUE STRAUSS-KAHN:
"We are discussing the situation of Mr. Strauss-Kahn meeting, but I must say that I am very sad and upset." It is one of my friends... Mr. Strauss-Kahn is in the hands of American justice, it is not for us to comment on this subject, but it saddens me deeply, deeply. ?
ON MARIO DRAGHI, CHAIRMAN OF THE ECB FOR:
"We unanimously appointed Mr Mario Draghi, Governor of the Central Bank, as the successor to the President of the European Central Bank Jean-Claude Trichet outgoing."
"The decision of the Eurogroup is sent to the Hungarian Presidency that tomorrow the Ecofin Council will be able to adopt this proposal, which will be immediately transmitted to the European Parliament... so that the European Council in June will be able to take a final decision on this questionqui will be made legally effective in July by the Eurogroup and the Ecofin.".
STABILITY (MSS) EUROPEAN MECHANISM:
"I am absolutely convinced that the Treaty on the ESM console will be signed as the framework agreement on the EFSF (European financial stability facility), at the end of June, to enable us to quickly launch the national procedures of ratification so that the ESM console can be ready and operational when it is to take over the FESF2013 to". Midway. ?
GREECE:
"The situation is extremely difficult, in Greece and the Greece." "We were satisfied, pleased to see that the Greek Government has agreed to make progress in a short period of time on additional measures, which will allow to respect budgetary limits for 2011 on which we agreed when we launched the Greek program".
"The privatisation programme is extremely important."
"Based on reports by the European Central Bank, the European Commission and the IMF, will allow us definitively conclude Greek chapter at our meeting in June."
EUROPEAN STABILITY FINANCIAL CHIEF KLAUS REGLING INSTALLATION
FUNDING FOR PORTUGAL:
"The EFSF probably go to market this year three times." the details are not yet decided, we discuss them with the Portuguese authorities...
"And of course this also depends on the conditions of market, but probably three questions, two possibly before the summer break." I am convinced that we will be able to mobilize the necessary funds.
EUROPEAN COMMISSIONER OLLI REHN MONETARY AFFAIRS
THE RATE OF INTEREST OF PORTUGAL:
"In respect to the rates on the Portugal of interest - we based the decision on the principles already agreed and this will lead to a level of interest rates which is somewhere around 5.5% and clearly below 6.0 per cent."
ON GREECE
"The mission of the troika EU/IMF will continue the review of the program are a still gaps to be filled, especially with respect to the program of privatization and fiscal consolidation." Let me emphasize that... The Greece must still intensify the implementation of its structural and fiscal reforms and justify and a implementation of the ambitious privatisation programme which is about EUR 50 billion, and do so without further delay. It is a very important part of reducing the burden of the debt of the Greece, as the EUR 50 billion is equivalent to about 20% of the GDP of the Greece. ?
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