The 28 EU Finance Ministers convened for a second day in Athens on Wednesday morning and come to a political agreement for the Single Resolution Mechanism (SRM).
The European Ministers focused their discussions on the European Banking Regulatory Framework Reform, including the SRM’s state of play and the proposed Banking union. The Greek presidency has prioritized these subjects so that the European economy can regain market trust and ensure financial stability.
Upon arriving at the meeting, presiding Greek minister Yannis Stournaras expressing his satisfaction with the progress that was achieved at Tuesday’s Eurogroup session in the morning and the Ecofin in the afternoon, regarding Greek matters and the Greek EU presidency.
When asked about the collection of the three loan installments amounting to 8.3 billion euros, Mr. Stournaras explained that the installments must first be approved by the Parliament of seven Eurozone members.
The Greek Finance Minister also pointed out that the major gains yesterday were getting approval for loan installment, receiving official confirmation that there will not be a fiscal gap over the next 12 months and the change of rhetoric, such as Olli Rehn, who is now in favor of Greece.
Schäuble confident Greek economy is on path to recovery
Even the German Minister, Wolfgang Schäuble, who is known for his stern attitude towards Greece, commented on the Greek public broadcast service that “you are exiting the crisis, the economy is recovering”. Mr. Schäuble was quick to point out that “nobody in Germany is responsible for the situation in Greece” and insisted that austerity and growth are not incompatible ideas.
