Facing speculative attacks against the single currency, countries in the euro area were preparing to fly to the aid of Greece. According to a source close to the German government, they would be agreed in principle to help Athens on the eve of a special European summit, convened Thursday evening in Brussels. The information was however not confirmed on Tuesday. "The reports that the euro area has taken the decision to help Greece are unfounded, said Tuesday, a spokesman for the government.
The terms of the rescue would not be arrested, but he could take the form of bilateral aid that is to say, special loans from state to state. Several countries would be involved, including Germany, the largest economy in the euro area, and first funder of the European Union."Whether bilateral or collective aid to Greece will be under strict conditions," warned Michael Meister Tuesday, elected a German conservative party (CDU), quoted by Bloomberg.
So far reluctant to rush to the aid of a country that has lied about its statistics and squandered public finances for years, Germany was forced to intervene again, because it is the unity and stability of the euro area is now in danger. "Germany has a special responsibility vis-?-vis the euro," said German Finance Minister Wolfgang Sch?uble, who will make a statement to the government in Berlin today on the financial situation of Greece.
Trichet advance his return
Persistent for several days, rumors have quieted rescue markets. The euro, which fell to $ 1.34 last week, was pressed Tuesday to over $ 1.38.The Athens Stock Exchange has for its closed up 4.96%. In Paris the CAC 40 finished + 0.15%. Rating agencies, very nervous these days, calmed down. Fitch said Tuesday that there was no reason to degrade the notes of Spain, who still enjoys an AAA, but is affected by contagion from the crisis in Greece.
Tuesday morning, the sudden return of Jean-Claude Trichet in Europe that fueled speculation of a European intervention in favor of Greece. The President of the European Central Bank had to spend two days in Australia to attend a meeting of central bankers. He advanced his departure not to miss the extraordinary EU summit Thursday called by the President of the Union, Herman Van Rompuy.According to the German press, experts from the ECB participate in secret for several days in meetings with representatives of countries in the euro area are working on the rescue of Greece. Two options are under consideration: the conditions under bilateral aid or loan guarantees for Greece in the framework of a European fund.
The treaties prohibit any of these options.Just came into force, the Lisbon Treaty provides in Article 122-2, "the Council on a proposal from the Commission, may grant, under certain circumstances, financial assistance from the EU Member State is in difficulties or a serious threat of serious difficulties caused by exceptional occurrences beyond its control.
Speculative attacks of recent days against the euro, and debt to Member States the most vulnerable have been a trigger for the policy decision.
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