Eurozone leaders made last-ditch efforts yesterday to contain the Greek debt crisis, saying they would rule on new aid next month, as US Treasury Secretary Timothy Geithner joined them for crunch talks.
Speaking after a meeting of the 17-nation eurozone’s finance ministers and central bankers, Eurogroup President Jean-Claude Juncker told reporters they had delayed until next month a decision on 8 billion euros (US$11.0 billion) of rescue loans blocked during an audit of promised Greek reforms.
“We will decide on the disbursement of the next tranche of the Greek adjustment program in October,” the Luxembourg prime minister told reporters after a morning of talks in Poland focusing on a lifeline for Athens.
EU economic affairs chief Olli Rehn underscored that.
“Technically, we have all the chances of taking the decisions in the first part of October, allowing disbursement in the middle of October,” Rehn said.
After the world’s main central banks joined forces to pump dollars to banks squeezed by fear of debt contagion, the EU is under strong pressure to end months of bickering over a second financial rescue for the near-bankrupt government in Athens.
European Central Bank President Jean-Claude Trichet underscored the “unity of purpose that characterizes central banks all over the world.”
“Our permanent message is to be ahead of the curve,” he said. “But the problem is not words, the problem is deeds.”
“We recognize the significant efforts made by the Greek authorities over the past year,” Juncker said.
“The continued full implementation of the fiscal adjustment program remains crucial,” he said.
Ahead of the meeting, Greek Finance Minister Evangelos Venizelos said that Athens was sticking to its austerity-drive commitments to lenders and that the meeting would help make that clear.
“It’s a great opportunity to send a very clear message,” he said. “We are on track to implement the program.”
Austria, however, said default for Greece could eventually prove to be the least costly outcome.
“I am very confident that the next tranche can be disbursed in October,” Austrian Finance Minister Maria Fekter said of the 8 billion euros in blocked existing loans.
“Should there be a situation, that this way suddenly becomes more expensive than an alternative, we do have to think about this alternative,” she added.
Driven by taxpayers tired of funding repeated bailouts, Finland has demanded cash collateral from Athens before handing over further loans. Its call followed April’s electoral breakthrough for a far-right party opposed to further bailouts.
“We had a discussion on collateral, we made progress on that arrangement for the possible provision of collateral, we decided that if collateral is provided, it will be done at an appropriate prices,” Juncker said.
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