The agreement has finally arrived: at the EU summit in Brussels aagreement on the anti-spread mechanism, direct recapitalization of banks and the role of state-saving funds.
The leaders of the Eurogroup "have opened up the possibility that virtuous countries use the temporary (ESFS) and permanent (ESM) state bailout funds to re-assure stability on the markets". This was announced at 4 in the morning by the President of the EU Council Herman Van Rompuy. Shortly afterwards, the comment of German Chancellor Angela Merkel also arrived, whom German sources also described as "very irritated" with Rajoy, but above all with Monti: "We have achieved good results on the ESM and EFSF instruments, a good basis on which to work. We continue tomorrow (Friday, ed)».
in short, Mario Monti's hard line on the spread saver has paid off. In fact, the Italian premier was finally able to comment with satisfaction: "measures that I think are satisfactory for the stabilization of the euro area" have been approved. A mechanism to restore stability to the euro and reassure the markets. With the anti-spread shield, Italy hopes to avoid "a black Monday". While with the opening up of the direct recapitalization of the banks, Spain hopes to be able to receive aid up to 100 billion euros to recapitalize its credit institutions without increasing the public debt. The agreement "will be implemented by the Eurogroup in the very short term, by 9 July". The countries that comply with the stability pact and the recommendations "will not have to submit to the monitoring of the troika", but will have to continue to respect the commitments undertaken, continued Monti, specifying that "Italy has fought hard for these measures, in particular as regards the spread, but he has no intention at this moment of making use of it», it is «a contribution that could be useful in principle to Italy and to other states».
Download final communiqué of the Summit
