|Author (Person)||Spiegel, Peter|
|Series Title||Financial Times|
The emergency meeting of the Heads of State or Government of the Euro area (Eurogroup) was held on 21 July 2011 in Brussels, in order to discuss the financial stability of the Euro area as a whole and the future financing of the Greek bail-out programme.
The euro area leaders took three important decisions according to Herman Van Rompuy, President of the European Council. 'We improved Greek debt sustainability, we took measures to stop the risk of contagion and finally we committed to improve the eurozone's crisis management.
The Agreement was seen as a political victory for Angela Merkel, Germany’s chancellor, but one that would almost certainly lead to the first default on eurozone bonds.
Greek Prime Minister George Papandreou said he welcomed the 'support and collective will' shown by the eurozone leaders and the EU’s institutions'.
|Subject Categories||Economic and Financial Affairs|
|Countries / Regions||Europe, Greece|