Bloomberg News

Euro Finance Chiefs Unlikely to Reach Greek Aid Plan Today

June 19, 2011

(Updates with comment from De Jager in fourth paragraph.)

June 19 (Bloomberg) -- Dutch Finance Minister Jan Kees de Jager said he doesn’t think euro area finance ministers will agree on a new rescue package for Greece at talks in Luxembourg today.

“You have the fifth tranche, which depends on the Greek implementation of austerity measures and the IMF assessment of that,” De Jager said. “But the real discussion at the moment is about the possible second program and there lies the real discussion today. We are going to debate on that and that will be a very heavy debate.”

De Jager said he sees no need to expand the European Financial Stability Facility.

“The net value of 750 billion euros is enough, so we should stick with it,” he said. “Coming out of this crisis, the most important thing is more austerity measures, more economic reforms and of course if Greece will perform, will implement all those measures. Then we will be there, if also the private sector is participating.”

--Editor: Patrick G. Henry

To contact the reporter on this story: Mark Deen in Luxembourg at markdeen@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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