June 20, 2011
European Union leaders expressed confidence Monday at a meeting in Luxembourg that Greece will concede on implementing economic reforms in exchange for the next tranche of aid to help it avoid default.
A formal decision to disburse €12 billion ($17.17 billion) to Greece should be taken by early July, after the Greek government commits to a new austerity package, said Eurogroup President Jean-Claude Juncker, who also serves as prime minister of Luxembourg, and European Union Economic Affairs Commissioner Olli Rehn. The Eurogroup will convene on July 3 for an extraordinary session to tackle the issue.
"These measures should ensure that Greece continues to correct its public finances and reform its economy to create the conditions for sustainable growth and job creation," Mr. Rehn said.
Euro-zone finance ministers also agreed Monday that the "preferred-creditor status" for the currency area's permanent rescue fund as of 2013, the European Stability Mechanism, will be dropped for countries already participating in a bailout program.
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