‘Inaccurate’ to liken Spain with euro debt disasters: OECD
(BUDAPEST ) – It is “inaccurate” and “unfair” to liken Spain with eurozone debt disasters Greece and Ireland, the head of the OECD said Thursday, as Portugal became the third state to request an EU financial bailout.
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From EbS: At a press conference today in Brussels, Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, said he wants European Union Leaders to reach a political agreement tomorrow or Friday on an aid facility for Greece, in case the country asks for financial help. EU Leaders are holding a two-day summit in Brussels starting tomorrow, amid divisions about whether to give Greece money or send the country to the International Monetary Fund. The European Commissioner said he would rather have an EU or euro zone aid facility for Greece than IMF money. We have a sense of urgency and we are seeking for a solution which should be based on a clear lead of the European Union and a policy conditionality defined by the EU, he added. SOUNDBITE (English) by Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs: we had a very serious and substantive debate on Greece in the College (meeting of the European Commissioners) today. Greece is now on track to meet the 4% target of deficit reduction this year 2010, following the bold and convincing measures the Parliament decided earlier this month. This can be made a turning point in the Greek fiscal history and economic development. But Greece nor the euro zone are not out of the woods yet as there are still concerns over the financial stability. Therefore the Commission encourages the euro area Member States to take a political decision on a mechanism to ensure financial stability in the euro area as a …
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