Forex News – Highlights from Eurozone finance ministers meeting in Poland

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Forex Asia Review - Euro temporarily retreats from recent losses; Euro debt woes still persistBelow are some comments from euro zone finance ministers meeting in Wroclaw, Poland today.

JEAN-CLAUDE JUNCKER, PRESIDENT OF EUROGROUP

“We (the euro zone ministers and Geithner) are committed to a strong and coordinated international response to these challenges (sovereign debt and fiscal sustainability). We are taking strong actions to maintain financial stability, restore confidence and support growth.

“There is a need for a concerted effort at the global level in support of strong sustainable and balanced growth.”

“Fiscal consolidation remains a top priority for the euro area. In view of financial turbulence, … we reconfirmed our determination to fully implement the decisions taken by the heads of state or government on the 21st of July.”

“We reached agreement on the details of the pricing of future EFSF loans, which will be reduced to funding costs plus operational costs of EFSF.”

GREEK FINANCE MINISTER EVANGELOS VENIZELOS

“This is a great opportunity to send a very clear message. We are on track to implement the programme. We believe that the implementation of the decision of the 21st of July is the unique way to go ahead – not only for Greece but for the euro zone as a whole.”

BELGIAN FINANCE MINISTER DIDIER REYNDERS

“We first have to check if we can implement the decisions of July 21 and if on the Greek side there is a true implementation of what has been decided.

“Once it’s done, we’ll have to strengthen the fiscal tools in the EU and probably move towards new instruments. At some point, it will be euro bonds but right now it’s more about strengthening the facility (EFSF).

“Euro bonds, that’s a tool for the medium and long term.”

SPANISH FINANCE MINISTER ELENA SALGADO

“We hope today to move forward in the implementation of the agreements of July 21 to strengthen the crisis mechanisms.”

“We are making the necessary efforts to fight against uncertainties in the markets. The (U.S.) Treasury Secretary is not saying anything else and is just backing us to stay on this path”.

AUSTRIAN FINANCE MINISTER MARIA FEKTER

“I am very confident that the next tranche to Greece can be paid out in October.”

(Asked why there is concern about talk of insolvency as an option:)

“Because this costs a lot. The more consistent we are the better. I don’t want to chase every week another cow through the village and not discuss […] new ideas that can not be put into reality.”