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31 January 2012

WSJ: EU leaders hold fiscal talks


European Union leaders gathered to finalise accords on tighter fiscal discipline and a permanent bailout fund, even as a looming multibillion-euro debt-restructuring deal for Greece threatened to overshadow the talks.

Leaders are expected to sign off on the final text of a fiscal compact, supported by the majority of EU economies, that aims to prevent a repeat of the public finance meltdowns that have dogged Greece, Portugal, Ireland and others.

They are also likely to endorse a treaty creating the European Stability Mechanism, although a proposal to boost the size of the €500 billion firewall is still being debated. European Commission President, José Manuel Barroso, has promised to take steps to boost job creation and growth, including redirecting unused EU funds to tackle youth unemployment.

On his way into Monday's talks, Swedish Prime Minister, Frank Reinfeldt, also expressed frustration with Greece. "They've repeatedly not delivered on their promises", he said. But not everyone appeared to welcome the idea of a special budget czar to oversee the country's implementation of budget policy. "I am strongly against the idea", Luxembourg Prime Minister, Jean-Claude Juncker, said ahead of Monday's talks. "It is not acceptable, not for Greece, not for me."

Full article



© Wall Street Journal


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