EU Juncker:Euro Zone Will Do All Necessary To Maintain Stability
BRUSSELS (Dow Jones)--Leaders of euro-zone economies will take every necessary action to ensure the currency bloc's stability, but are yet to determine how to aid the Greek economy, Jean-Claude Juncker, chairman of the group of euro-zone finance ministers, or Eurogroup, said Thursday.
Speaking to reporters after the European Council meeting of European Union heads of government, the Eurogroup chief and Luxembourg prime minister reiterated that Greece can survive without external funding, but stressed that any aid from euro-zone members would not be "money for nothing."
"We are debating a determined and coordinated plan from the euro area to help Greece... but leaders are yet to decide the precise measures to help the Greek economy," Juncker said.
Earlier Thursday, euro-zone countries agreed to support Greece as it struggles to emerge from a debt crisis, but didn't offer a detailed bailout plan.
EU President Herman Van Rompuy told reporters that "euro-area member states will take determined and coordinated action if needed to safeguard financial stability in the euro area as a whole."
Asked to give details of any bailout plan, Juncker said; "I don't want to speculate on something the Greeks tell us is not necessary," adding that speculation Greece could exit the 16 country bloc was "absurd."
European stock markets and the euro rose on early reports of an EU agreement to support Greece. Both fell sharply later, when the EU leaders' made only a political commitment to help the country, offering no firm financial aid. The euro traded at $1.3637, down from $1.3734 late Wednesday.
-By Joe Parkinson, Dow Jones Newswires, +44 2078429291 joe.parkinson@dowjones |
