Last quote by Margherita Sforza
Margherita Sforza quotes
The negotiations went on all night right down to the last cent. Now we will have to see see how it will be taken on the streets of Athens.
Consolidating public finances to avoid a new recession is seen as the key priority of this ECOFIN summit. But, after so much austerity some countries want to open the debate on new strategies to relaunch growth.
According to a spokesman for the European Economic Affairs Commissioner it's possible that the Eurogroup ministers will meet again on October 13th , but the date will be confirmed only when the troika (the EU, the IMF and ECB) come back from Athens. But even if financial default is not declared, the demonstrations in Greece show that social bankruptcy is already a de facto reality.
The pressure is well and truly on the Greek government to prevent contagion across the euro zone. The impression is growing that there is no plan B, alternative moves may be necessary in case the Greek government fails to meet its financial commitments to Europe.
Prudence is the word you are hearing here in Luxembourg. Diplomatic sources say a quick decision from the finance ministers on the second aid package for Greece in not likely, they prefer to wait until after the Greek government's vote of confidence on Tuesday. But the euro zone can't afford all this indecision as the financial markets are looking for something more definite.