• EU/IMF loan allows Greece to not go to markets for funding in first 2 years
  • Deficit levels in EU are worryingly high
  • Not going to propose aid mechanism for Spain as there is no need for aid mechanism
  • Speculation reaching euphoric levels
  • Spain, Portugal taking measures to consolidate public finances
  • Greece only EU state which fiddled with statistics
  • Euro zone taking care of Greek case, confident will turn things around for Greece
  • Agrees with broad thrust of French, German ideas to reinforce EU budget rules
  • Greeck growth will slow as a result of consolidation efforts. Greek economy should start growing in 2012
  • Stock markets tend to think very short term
  • Absolutely essential to contain bush fire in Greece, stop threat to whole EU economy