Euro zone finance ministers gave their final approval to a second bailout for Greece. In fact they gave their political blessing for a €130-billion rescue package, while the technical details will be worked out on a later point. The signatures are expected to be put on the new loan agreement on Wednesday. In contrast to the first bailout, the aid tranches will be handed to Greece on a monthly basis and after thorough examination by Greece’s lenders. Should targets not be met, Athens would have to impose new measures immediately. Is the Greek problem solved? head of eurogroup Jean Claude Juncker but also German Finance Minister Wolfgang Schaeuble did not exclude a third bailout for Greece, which, however, would be less than the recent one.
Playful Juncker, Greek Venizelos (July 2011)
“As agreed, new official financing of 130 billion euros will be committed by the euro area and the IMF for the period 2012-2014,” Jean-Claude Juncker, who chairs the Eurogroup of euro zone finance ministers, told a news conference.
Glad about temporarily getting rid from the Greek problem, Jean-Claude Juncker turned his attention to Spain that tries to modify its bailout conditions.
Playful Juncker, Spanish de Guindos (March 2012)
Luxembourg’s Prime Minister Jean-Claude Juncker, right, puts his hands on the neck of Spain’s Economy Minister Luis de Guindos, center, as Dutch Finance Minister Jan Kees De Jager, left, looks on during a meeting of eurozone finance ministers at the EU Council building in Brussels on Monday, March 12, 2012. As ministers chatted with each other at the meeting, the eurogroup’s chief, Jean-Claude Juncker, came up behind Spanish finance minister, Luis De Guindos, and jokingly grabbed him by the neck with both hands, but the gesture soon appeared to change into a laughing friendly greeting and then deep discussion. The 17 euro countries are trying to focus on issues beyond the Greek crisis and deal with longer-term issues in their currency union, like discussing Spain’s high deficits and potentially dangerous imbalances in some countries. (AP Photo/Virginia Mayo)
PS Does Jean-Claude Juncker need some hours on the comfortable couch of an EU shrink?
A good description of the IMF/Troika pattern:
http://m.guardian.co.uk/business/2001/apr/29/business.mbascat=business&type=article
poor people in greece!
Sorry this link should work better:
http://www.guardian.co.uk/business/2001/apr/29/business.mbas
march31 in Frankfurt!
Ideas for captions for these photos:
“Under the impression of two pressing arguments by head of Eurogroup Juncker, the Spanish Finance Minister de Guindos gives his nod to a new reform package.”
“Greek Finance Minister Venizelos tried to show an appearance of resistance, but the sursprising advance by Juncker clearly left an impact on him.”
Captions …
Pic #1:
Head of the Eurogroup Mr. Juncker demonstrates statesman-like behavior in public.
Pic #2:
Head of the Eurogroup Mr. Juncker demonstrates statesman-like behavior in public.
THAT’s IT!
Btw, congratulation, ktg, you managed to enlarge the “Recent Comments” box! Thank you, that’s very helpful for those participating in comments. God job!
oh, they did it?
I should launch a contest here: Write a caption to Juncker’s statesman behaviour
“17 euro countries”? Which countries can i buy for 17 euro?
You misunderstood that phrase, iaourti! “17 euro countries” means that the net worth of each of the people living there, wealth minus debt, is 17 Euro (on average)! Got it now?
Playful Juncker. More like pig ignorant!