| Author (Person) | Chaffin, Joshua |
|---|---|
| Series Title | Financial Times |
| Series Details | 15.2.12 |
| Publication Date | 15/02/2012 |
| Content Type | News |
|
Eurozone officials called off an emergency meeting of Finance Ministers planned for the 15 February 2012 to approve a vital €130bn bail-out for Greece amid a growing fight among the country’s European creditors about the merits of allowing Greece to go bankrupt. Eurogroup Chairman Jean-Claude Juncker called off the meeting, noting that European Union officials had yet to receive details from Greece about how a €325m shortfall in savings - arising from Greek politicians’ insistence on limited cuts to auxiliary pensions - would be covered. Party leaders in Athens had also failed to provide the required commitment to reform. Olli Rehn, the European Commissioner for Economic and Monetary Affairs warned there would be 'devastating consequences' if Greece defaulted, and pleaded for eurozone governments to approve the bail-out quickly. However, the FT article suggested that a group of eurozone governments, particularly those that retain triple-A credit ratings, had lost faith Greece would ever deliver its end of the bargain. Hardline officials in Germany, the Netherlands and Finland were increasingly urging a Greek default. Greece's public order minister Christos Papoutsis said the government has made 'superhuman' efforts to comply with austerity demands made by the eurozone. |
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| Countries / Regions | Europe, Greece |
