FRANKFURT (MNI) – Quick and full implementation of decisions taken
at the July 21 summit should now be the top priority in fighting the
Eurozone crisis, European Central Bank Governing Council member Ewald
Nowotny told Obersterreichische Nachrichten on Saturday.
“In my view, the top priority now should be to quickly and strictly
implement decisions taken for better European stabilization mechanisms
at the Brussels summit end-July,” Nowotny said.
According to media reports over the weekend, Greek Finance Minister
Evangelos Venizelos sent a letter to ECB President Jean-Claude Trichet,
Eurogroup head Jean-Claude Juncker and EU Commissioner Olli Rehn calling
for a quick release of the E109 bln in aid agreed at the meeting.
Prospects for a full and quick release deteriorated last week after
a number of countries, including Austria and the Netherlands, said they
would insist on receiving collateral against their backing of Greek
bailout loans should Finland secure a deal.
Greece and Finland had reached a preliminary agreement that would
see Greece offering Finland a cash deposit to back loans made under the
July 21 bailout deal. The deposit would be roughly equal to Finland’s
share of loan guarantees in the new bailout.
Unless member states can find a compromise solution, the Greek
bailout could be drained of significant share of money.
–Frankfurt bureau tel.: +49-69-720142. Email: jtreeck@marketnews.com
[TOPICS: M$X$$$,M$$CR$,MGX$$$,MFX$$$$,MI$$$$]
