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EU's Rehn: Greek situation poses serious contagion threat
BRUSSELS, July 12 | Tue Jul 12, 2011 6:14am EDT
BRUSSELS, July 12 (Reuters) - The situation in Greece and in other parts of Europe poses a serious contagion threat to economic recovery and the EU must complete efforts to improve economic governance, the bloc's top economics official said.
"To my mind, in the current context of the deepening debt crisis with increasingly systemic features, reaching an agreement is of paramount importance," Olli Rehn told a meeting of European finance ministers on Tuesday, referring to a package of measures intended to improve economic governance.
The situation in Greece and increasingly elsewhere in the euro zone "poses a serious contagion threat to the European economic recovery", said Rehn, the EU's economic and monetary affairs commissioner.
The increased likelihood of an orderly writedown in the value of Greek debt and some form of default sent European banking stocks and debt markets into a spin and the euro sharply lower against the dollar.
Rehn appealed to EU leaders to finalise a second bailout package for Greece as soon as possible to stem contagion risk, saying that they had 99 percent of a deal in place.
BRUSSELS, July 12 | Tue Jul 12, 2011 6:14am EDT
BRUSSELS, July 12 (Reuters) - The situation in Greece and in other parts of Europe poses a serious contagion threat to economic recovery and the EU must complete efforts to improve economic governance, the bloc's top economics official said.
"To my mind, in the current context of the deepening debt crisis with increasingly systemic features, reaching an agreement is of paramount importance," Olli Rehn told a meeting of European finance ministers on Tuesday, referring to a package of measures intended to improve economic governance.
The situation in Greece and increasingly elsewhere in the euro zone "poses a serious contagion threat to the European economic recovery", said Rehn, the EU's economic and monetary affairs commissioner.
The increased likelihood of an orderly writedown in the value of Greek debt and some form of default sent European banking stocks and debt markets into a spin and the euro sharply lower against the dollar.
Rehn appealed to EU leaders to finalise a second bailout package for Greece as soon as possible to stem contagion risk, saying that they had 99 percent of a deal in place.
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