The eurogroup’s Juncker says the SPV will become operational this month and that the search for a CEO is underway. It will be legally based in Luxembourg.
- Also, fiscal policy will become more restrictive this year but really restrictive next year.
- Estonia will join the euro in January 2011 and promises more reform and fiscal discipline (didn’t Greece do that when they joined, too?)
- Spain and Portugal will need to cut budgets more next year
Estonia must be ecstatic that it can now help bailout Greece…
Also on the wires is the EU’s Rehn who says there is no uncertainty left on the vow to provide EUR 440 bln in support, if needed.
