“Euro area member states will take determined and co-ordinated action if needed to safeguard stability in the euro area as a whole,” said Mr. Rompuy to reporters, reported by the Times Online. “The Greek government has not requested any financial support.”
Leaders of the European Union held a summit to discuss Greece’s financial problem, but offered nothing specific in terms of hard cash or direct action. The euro rose to $1.3755 before falling to $1.3688 after Mr. Rompuy’s announcement.
“The commission will closely monitor the implementation of the recommendations in liaison with the European Central Bank and will propose needed additional measures, drawing on the expertise of the International Montary Fund,” said Mr. Rompuy.
“We fully support the efforts of the Greek government and their commitment to do whatever is necessary including adopting additional measures to ensure that the ambitious targets set in the stability programme for 2010 and the following years are met,” he said.
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