Greek crisis: the Polish presidency of the EU calls for quick solution
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Greek crisis: the Polish presidency of the EU calls for quick solution

Brussels : Belgium | Jul 11, 2011 at 3:06 AM PDT
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The Polish Presidency of the European Union on Monday urged the countries of the euro area Tongs "as soon as possible" a second aid plan for Greece, which is struggling to be born, while rejecting the idea of a contagion of debt to Italy.

"We clearly need to move as soon as possible to ensure that this program be established as soon as possible," he told reporters the Polish Finance Minister Jacek Rostowski, before a meeting in Brussels with the President of EU, Herman Van Rompuy.

"It is not good that it is not finalized," he said while expressing confidence that it will be "on time".

This second level of financial support to Greece, a year after the first of 110 billion euros, only to emerge because of poorly equipped to help the country's private creditors (banks, insurance companies and funds pension).

Europeans remain divided on the subject and the scope to be given to such participation. The option of a fairly radical solution, which would Greece be declared in default part, or "selective" in financial jargon, is gaining ground, diplomats said.

This would mark a significant change in the position of the euro area so far has excluded defects in Greece. The European Central Bank to date is also opposed.

A meeting of key European economic officials is scheduled Monday at midday to try to move forward on this particular point, with around Van Rompuy, the presidents of the ECB, Jean-Claude Trichet, Eurogroup, Jean-Claude Juncker and European Commission, José Manuel Barroso.

The meeting convened impromptu weekend will also intervene as fears of a contagion of debt to Italy increases, following the surge in bond yields in the country at a record high Friday in the markets .

The Polish Finance Minister, however, rejected this concern. "I'm not at all concerned about contagion to Italy, which is in a good fiscal situation under control," he said.

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EU president Herman Van Rompuy
EU president Herman Van Rompuy
lalag is based in Karāchi, Sind, Pakistan, and is a Reporter on Allvoices.
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