Monday, February 15, 2010

Juncker: Greece has March 16 Deadline to Show Progress

by Bill McBride on 2/15/2010 07:15:00 PM

Based on reports from Dow Jones: Juncker: Euro Zone Ready To Support Greece If Needed and the BBC: Greece 'may cut spending further', here are some comments from Jean-Claude Juncker, Luxembourg's prime minister and chairman of the 16 euro-zone finance ministers:

  • Greece has until March 16th to show progress on their budget. If Greece is not on track, the EU will demand extra cost cutting measures. Dow Jones quotes Juncker: "If it appears in mid-March that they are not on track we will ask for additional measures."

  • Juncker said the 16 euro-zone nations stand ready to help Greece.

  • Mr Juncker said there would be no details released of any possible bail-out. According to the BBC, Juncker said it would be "unwise" to discuss the details now.

  • Juncker also said that Greece will not be forced out of the euro.

    It looks like this will be an issue next month (or tomorrow - you never know).