Business World

Monday 24 April 2017

Euro zone to discuss Greek crisis

Meera Louis

European Central Bank President Jean-Claude Trichet will discuss Greece’s budget crisis with euro-area finance ministers today before attending a summit of European leaders tomorrow, according to three people familiar with the situation.

Trichet will discuss options for aiding Greece in a teleconference call with the finance chiefs from the so-called eurogroup at 3 pm Brussels time, the people said.

The call comes a day before EU leaders are to discuss Greece at a summit in Brussels and as Greek unions staged a strike to protest budget cuts.

Options for extending financial aid to Greece include bilateral help from individual countries, assistance from the International Monetary Fund and aid from the European Union.

An EU official told reporters today that the leaders are considering all options, including a standing facility to provide credit guarantees.

In today’s conference call, Trichet also will discuss how other countries like Portugal and Spain may be affected by the Greek crisis.

EU finance ministers were instructed last week to skirt questions on a possible bailout of Greece and emphasize their support for the government’s deficit-cutting measures, according to a draft document.

Bloomberg

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