The European Union’s top economic commissioner said euro leaders need to lock down an agreement on tackling Greece’s debt by next week as regional finance chiefs defended their response to the sovereign debt crisis.
EU Economic and Monetary Affairs Commissioner Olli Rehn, speaking at a meeting of Group of 20 finance chiefs in Mexico City, said yesterday that a deal must be made at a meeting of European finance ministers in Brussels on Nov. 12. A European G- 20 official speaking before Rehn and on condition of anonymity cast doubt on the prospects for that deadline, saying officials may fall short.
Greece is under pressure to make more efforts to rein in its budget deficit and deregulate the economy. That alone won’t be enough to unblock bailout payments as a combination of Greek political resistance to more cuts and economic collapse has jeopardized the country’s efforts to meet a debt target of 120 percent of gross domestic product by 2020.
“We need to have a common view on how to reduce the debt burden by the 12th of November,” Rehn told reporters. “I’m confident that we will be able to reach that common view.”
(source: bloomberg)
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