BRUSSELS (MNI) – The following is an extract of the conclusions by
European Union leaders following their first round of meetings Thursday
night. It regards developments in the Eurozone:

“The European Council welcomes progress made in Ireland in the
implementation of its reform programme, which is well on track. It also
welcomes the strong commitment by the newly elected Portuguese
government to fully implement its programme of reforms.

Building on a cross-party consensus on the need to reform, strict
implementation of those programmes will ensure debt sustainability and
will support the return of Ireland and Portugal to the financial
markets.

Euro area Heads of State or Government reiterate their commitment
to do whatever is necessary to ensure the financial stability of the
euro area as a whole.

The recovery in the euro area is well on track and has reached a
sustainable path of solid growth. The euro is based on sound
fundamentals, and we are deeply satisfied with the track record of price
stability achieved since the inception of the euro.

As regards Greece, the European Council recognises the considerable
progress achieved over the last year, particularly in the area of fiscal
consolidation. It welcomes the Greek government’s continued strong
commitment to implement the adjustment programme.

The European Council calls on the national authorities to continue
implementing with resolve the necessary adjustment efforts to put the
country on a sustainable path. A comprehensive reform package agreed
upon with the Commission, in liaison with the ECB, and the IMF, and
adoption by the Greek Parliament of the key laws on the fiscal strategy
and privatization must be finalized as a matter of urgency in the coming
days.

Following the request by the Greek government announced by the
Greek Prime Minister, this will provide the basis for setting up the
main parameters of a new programme jointly supported by its euro area
partners and the IMF, in line with current practices, and at the same
time for allowing disbursement in time to meet Greece’s financing needs
in July.”

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