Wednesday, July 14, 2010
Greece’s fiscal consolidation programme is on course and should allow the country to obtain a second loan instalment from the International Monetary Fund and the European Commission, according to the Eurozone finance ministers.
Finance Minister George Papaconstantinou expressed satisfaction in Brussels yesterday over the fact that EU officials acknowledged Greece’s efforts to restructure its economy. Speaking to reporters after an Economic and Financial Affairs Council (ECOFIN) meeting in Brussels, the Greek minister said that Eurogroup President, Jean Claude Juncker, praised Athens' efforts to cut the country’s double-digit fiscal deficit:
"The Greek government programme… is impressive and has outpaced our expectations," Juncker told a news conference. On his part, EU Monetary Affairs Commissioner Olli Rehn said: "The Greek programme of fiscal consolidation and structural reforms in on track."
Finance Minister George Papaconstantinou expressed satisfaction in Brussels yesterday over the fact that EU officials acknowledged Greece’s efforts to restructure its economy. Speaking to reporters after an Economic and Financial Affairs Council (ECOFIN) meeting in Brussels, the Greek minister said that Eurogroup President, Jean Claude Juncker, praised Athens' efforts to cut the country’s double-digit fiscal deficit:
"The Greek government programme… is impressive and has outpaced our expectations," Juncker told a news conference. On his part, EU Monetary Affairs Commissioner Olli Rehn said: "The Greek programme of fiscal consolidation and structural reforms in on track."
• Solid Demand for Treasury Bills
Papaconstantinou also said he was very satisfied with the results of a same-day auction of six-month Treasury bills by Greece, adding that the interest rate for the issue was set below the borrowing interest rates envisaged in a Community support mechanism. He emphasised that 10 foreign banks also took part in the sale, something uncommon for such kind of securities' issue.
Kathimerini daily: Greece passes debt auction test
