EU to intensify crisis management over Greece, eurozone: Van Rompuy, Barroso say

The worsening of the Greek crisis pushed eurozone leaders meeting in Brussels yesterday (7 May) to send markets and citizens a message of unity as they agreed to set up an intervention mechanism to shelter the euro from speculators. An extraordinary meeting of economic ministers on Sunday (9 May) will flesh out the details of a rescue plan for failing states.

For more: http://www.euractiv.com/en/financial-services/euro-leaders-agree-crisis-plan-...

The leaders of the 16 countries which use the euro debated calling for a permanent system to rescue members who fall into financial difficulties at a tense emergency summit, five days after finance ministers offered Greece a massive bailout.

EU President Herman Van Rompuy, French President Nicolas Sarkozy, German Chancellor Angela Merkel and the heads of the European Commission and Central Bank, Jose Manuel Barroso and Jean-Claude Trichet, were locked in talks well beyond the planned 7 pm opening time as they debated the declaration.

The content of the declaration is close to a letter from Merkel and Sarkozy which called for tougher eurozone supervision and policing and tighter regulation of financial markets.

Herman Van Rompuy: in the context of the task force headed by the President of the European Council we are prepared to broaden and strengthen economic surveillance and policy coordination in the euro area, including by paying close attention to debt level and competitiveness developments, reinforce second the rules and procedures for surveillance of euro area member States including through a strengthening of the stability and growth pact and more effective sanction, third create a robust framework for crisis management respecting the principle of member States' own budgetary responsibility.
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SOUNDBITE (English) Herman Van Rompuy: we also agreed on intensifying the work on crisis management and resolution in the financial sector and on a fair and substantial contribution of the financial sector to the cost of the crisis. The work on assessing whether more steps are necessary in view of recent speculators on sovereign debtors should be sped up.
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SOUNDBITE (English) José Manuel Barroso: the important point common to all these agreed elements today is that we will defend the euro whatever it takes. We have several instruments at our disposal and we will use them, the European institutions, Council, Commission, the European Central Bank, and of course the euro area member States, this was the clear decision unanimously taken tonight.

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[0PsycoDad0]

@NunoSav This used to be called fascism when politicians and corporate leaders frorm a unity nowadays we´re too politically correct. xD

[Tdiddy777]

I am from Holland and we can't blame the US or the UK. The problem is that the former Dutch Minister of Finance Mr. Zalm warned for this situation years ago; he was the ONLY one who said to respect the treaty of Maastricht and to not be flexible regarding government deficits. No one listened then and now U C what u get. Cynically enough we can also pay the bill while warning for this problem. A matter of time before Germany, Holland and Finland get out of this bull shit region.

[financialtools1]

Hedge-Funds continue speculation-shorts against Euro & EU and global stability using neocon media in USA : On 8.12.11 ,News Hour-PBS TV program, a Bloomberg News reporter, Roben Farzad ( from Pr. AlWaleed group ) , repeatedly said that Euro+Europa were going down: it shows how extreme Riyadh-TelAviv neocons work together w/ rumours against EU + global markets and to distract from Murdoch's-News Corp.hacking crimes (Murdoch-Alwaleed loses):shorts should pay big fines, financialtools1.blogspot.com

[Islandretreat]

@MrYoungIndependence, he's nothing but a patsy for the Jesuit Order. He was trained by them.

[MrYoungIndependence]

The fact is that Mr van Rompuy was never elected and is not trying to determine the future of Greece. He has no right to do this.

[MrGreeceCrisis]

fuck george papadreou fuck karamanlis fuck us fuck germany fuck all FUCKING BANKS and large corporations damn you all monkeys

[GERMANxEMPIRE]

The Greek emergency is about a country basically cheating its partners by faking its accounts to get a free ride on the backs of stronger economies in the European Union, and particularly of the strongest economy of the group - Germany.

[ShwangShwing]

Why is government debt even needed? With so much money that government works with why does it have to burrow? If the budget isn't enough for a given project what's the problem for the project to be started the next year and included in the budget?

[thefredsays]

Yeah, give em hell IMF, remember to open all their markets to foreign goods. Turn them into Jamaica!

[DanHadan]

Too little, too late!

Uh, bring back the guillotine! Commission president, Commissioners, banksters and assorted "après nous le déluge" crowd first!

[roecla]

I don't see why these people get paid more than the American President.

They failed us.

They failed to see the problem for years.

They failed to act on the Greek fraud against the EU.

They failed on reigning in the debt of the member states.

And now they're thinking about taking the independence of the ECB away?! Probably THE ONE part of this system that worked according to plan perfectly! I so hope I misheard that.