"On both sides of the Atlantic, it is necessary to re-establish the sustainability of public budgets, with strong actions that protect stability and growth and on the basis of credible plans". With these words, Jean-Claude Juncker explained the understanding reached between the United States and the countries of the Eurogroup, which met this morning in Poland before starting the informal Ecofin summit.
Representing the US was Treasury Secretary Timothy Geithner, who for weeks has been urging his European colleagues to take vigorous measures to resolve the debt crisis. “We had an exchange of views with Geithner – continued the president of the Eurogroup -. We agree that we are seeing a slowdown in growth, which adds a relevant challenge." For the Eurozone, however, "consolidation remains a priority".
In particular, of course, Greece. Junker confirmed that it will be decided in October whether or not to pay the next tranche of 8 billion aid to Athens. In this respect, the conclusions of the Troika (made up of technicians from the European Commission, the ECB, the IMF) will be decisive, which will be back in Athens from next week. “We recognize the significant efforts made by Greece to stabilize public finances – underlined Junker again -. Full implementation of the consolidation program is crucial to ensure fiscal sustainability and increase the competitiveness of the economy”. Furthermore, the ministers welcome the Greek government's commitment to "take further consolidation measures to achieve the 2011 and 2012 budget objectives".
However, if Athens has not fully respected its commitments so far, Ireland and Portugal, the other countries that have received Community aid, have shown themselves to be more diligent. “We congratulate you on the progress made – said the president of the Eurogroup -. We agree with the troika that Ireland and Portugal are on track. We are confident that this determination will enable the two countries to overcome the challenges they are facing." As for Italy, "we all think that the authorities have done everything possible and have approved satisfactory measures", even if "there has not been a specific debate" around the maneuver in our country.
