4/28/2010 6:06:00 PM
Eurogroup leaders to hold emergency summit
BRUSSELS, Leaders of the 16-member Eurozone which use the Euro currency are to hold an emergency summit in Brussels in May to disucss the worsening economic situation in Greece.
A spokesperson for the President of the EU Council, Herman Van Rompuy, said Wednesday afternoon that no date has been finalized for the meeting, but it will be held in Brussels sometime before May 10.
"It could be 6 May or 7 May but certianly before 10 May," said the spokesperson.
Eurogroup leaders to hold emergency summit
BRUSSELS, Leaders of the 16-member Eurozone which use the Euro currency are to hold an emergency summit in Brussels in May to disucss the worsening economic situation in Greece.
A spokesperson for the President of the EU Council, Herman Van Rompuy, said Wednesday afternoon that no date has been finalized for the meeting, but it will be held in Brussels sometime before May 10.
"It could be 6 May or 7 May but certianly before 10 May," said the spokesperson.
Investor confidence in Greece has continued to drop and shares in world markets have tumbled after the credit rating agency Standard and Poor's downgraded Greek debt to "junk" on Tuesday.
The junk "rating means Greece is a big risk country for investors, and hence Athens has to pay high interests rates to borrow money to pay its huge public debt of 300 billion euro.
Interest rate on Wednesday jumped to 11.3% for 10-year Greek bonds, a record for a eurozone country.
Fears are also growing that the Greek economic crisis could spread to other economic-weak Eurozone countries like Portugal where investors are demanding an interest rate of to 6%.
Germany the giant economic player in Europe has not yet decided whether to agree on a Greek financial rescue package.
Meanwhile, the European Commission's spokesperson for economic affairs Amadeu Altafaj Tardio told reporters here today that the European Commission is making solid and rapid progress with the European Central Bank, the International Monetary Fund and the Greek authorities to finalise the Greek adjustment programme.
The Commission expects this work to be finalized in coming days,he said.
The Eurozone countries have agreed to give Greece a loan of 30 billion euro this year and the IMF has pledged another 15 billion euro. Talks are going on in Athens to finalise details of the financial rescue package .
Amadeu stressed no doubt that Greeces needs will be met on time.
Greece needs to rise 8.5 bn euro by 19 May to repay part of its public debt.
Debt restructuring in euro member states is not an option and will not be part of joint programme begins discussed in Athens,added Amadeu.
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