Bloomberg News

Euro Finance Heads May Meet March 1 on Greece, De Jager Says

February 24, 2012

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

Feb. 23 (Bloomberg) -- Euro-area finance chiefs may meet on March 1 before a European Union summit in Brussels to review Greece’s progress under a bailout plan they approved last week, Dutch Finance Minister Jan Kees de Jager said.

The plan awarded 130 billion euros ($173 billion) in aid to Greece, engineered a central-bank profits transfer and coaxed investors into providing more debt relief in an exchange offer meant to tide Greece past a 14.5 billion-euro bond redemption on March 20.

“The package doesn’t guarantee problems in Greece will be solved,” De Jager wrote in a letter to Dutch lawmakers released today. “It’s uncertain when Greece will regain market access, so it can’t be ruled out that Greece will need extra public sector support.”

The gathering would precede a meeting of European leaders. Luxembourg Prime Minister Jean-Claude Juncker, who heads the group of euro-area finance chiefs, said on Feb. 21 that the summit will deliver “significant reinforcement of the euro-area firewall.”

--Editor: Patrick Henry

To contact the reporter on this story: Jurjen van de Pol in Amsterdam at jvandepol@bloomberg.net

To contact the editor responsible for this story: James Ludden at jludden@bloomberg.net


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