Meeting of finance ministers ended without results
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Meeting of finance ministers ended without results

Brussels : Belgium | Oct 22, 2011 at 11:59 AM PDT
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György Matolcsy, Hungary's Finance Minister, opens Ecofin press conference


The meeting of finance ministers of the European Union (Ecofin) on Saturday ended in the evening in Brussels without tangible results, but discussions will continue throughout the night at the Eurogroup (eurozone countries).

In what appears to be a "pact of silence" that is to surround all the meetings that take place in Brussels summit preparatory to come, as had happened the day before the end of a meeting of the Eurogroup, the meeting of EU finance ministers ended no press conference, and only a terse statement from Polish President indicating that discussed the topics on the agenda of the European Council on Sunday.

However, according to diplomatic sources, throughout the afternoon the 27 discussed the recapitalization of banks, and although progress has been made was not yet reached any agreement.

According to the same sources, the table is a proposal for a value of bank recapitalization in the order of 100 billion euros, but on Sunday the 27, then you have the level of Heads of State and Government, will be further to overcome many remaining differences, values ​​and how such recapitalization.

After the Ecofin meeting, finance ministers of the eurozone, which had already met in the morning, to meet again in the "Eurogroup" should focus on during the night in discussions on strengthening and capacity of the Fund European Financial Stability (EFSF), on which did not reach any agreement on Friday.

At the same time, takes place in the outskirts of Brussels a meeting of the European People's Party (EPP), the largest European political family, which owns 17 of the 27 European leaders, including the Portuguese Prime Minister Pedro Passos Coelho, and the Presidents the three institutions, Barroso (Commission), Van Rompuy (Council) and Jerzy Buzek (Parliament).

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European finance ministers are set to hold crucial meetings in Brussels to address the eurozone's economic crisis
European finance ministers are set to hold crucial meetings in Brussels to address the eurozone's economic crisis
Abdel Fattah Hussein is based in Cairo, Kairo, Egypt, and is a Reporter on Allvoices.
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