Eurogroup: Strengthening the Euro after Greece Negotiations Break Up

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When Greek Minister Yanis Varoufakis left the Eurogroup after the break-up of the negotiations, the remaining Eurogroup members held an informal meeting to discuss how to further strengthen the EMU and help the euro area to overcome the legacy of the financial crisis.

In a statement issued after the first part of the meeting, and without Greek Economy minister Yanis Varoufakis being present, “the 18 Eurogroup members regret that the proposal by the institutions has been rejected by the Greek authorities unilaterally.”

The ministers of 18 euro area member states continued the discussion on the further steps following the breakdown of negotiations between the institutions and the Greek authorities.

In the statement, issued following the discussion, ministers concluded that the euro area intends to make full use of all the instruments available to preserve the integrity and stability of the eurozone. These instruments will complement any actions that the European Central Bank may decide to take.

Ministers stand ready to take decisive steps to further strengthen European Monetary Union.

The Eurogroup will monitor closely the economic and financial situation in Greece. The Eurogroup is ready to reconvene whenever necessary.

Ministers agreed that the euro area member states will assist and support Greece and the Greek people as required, following the expiration of Greece’s current financial arrangement with the European Financial Stability Facility.

Here’s the full Eurogroup Statement:

Ministers from eighteen euro area Member States and the institutions held an informal meeting to discuss the forthcoming expiration of the current EFSF financial arrangement with Greece, after the break-up of the negotiations with the Greek authorities.

The strengthening of EMU has been instrumental in helping the euro area to overcome the legacy of the financial crisis. We have notably advanced fiscal consolidation, implemented ambitious structural reforms, improved our fiscal and economic governance, deepened financial integration and established efficient firewalls. We are in a much stronger position than during the crisis.

Euro area Member States intend to make full use of all the instruments available to preserve the integrity and stability of the euro area. This will complement any actions the European Central Bank may take in full independence and in line with its mandate. EFSF and ESM remain the strong instruments with our full backing that they have always been.

We commit to take all necessary measures to further improve the resilience of our economies. We stand ready to take decisive steps to strengthen the Economic and Monetary Union.

We stress that the expiry of the EFSF financial arrangement with Greece, without immediate prospects of a follow-up arrangement, will require measures by the Greek authorities, with the technical assistance of the institutions, to safeguard the stability of the Greek financial system. The Eurogroup will monitor very closely the economic and financial situation in Greece and the Eurogroup stands ready to reconvene to take appropriate decisions where needed, in the interest of Greece as euro area member.

We stand ready to assist and support Greece and the Greek people as required, following the expiration of the EFSF financial arrangement.

[The statement is adopted by ministers from the euro area Member States, except Greece].


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