The Eurogroup press conference started with the outgoing Eurogroup president Jean-Claude Juncker, saying that the EU agreed with the IMF that fiscal consolidation should be continued in differentiated manner.
With regards to Cyprus, Juncker noted that the Eurozone finance ministers had delayed a €17bn bailout until March this year, amid concerns of the sizeable rescue package.
Juncker had a special mention for Spain too, expressing please that the banking program remains on track. While for Ireland, Juncker said that "Ireland is a living example that adjustment programs work"
Meanwhile, after reports that Greece may need an additional €9.2 Bln, the bloc's finance ministers reportedly support the disbursement in further support for Greece. Eurogroup ‘noted with satisfaction’ the progress on the Greek rescue program.
When the floor was given to Oliver Rehn, European Union Economic and Monetary Affairs Commissioner, he said the eurogroup has taken stock of progress on direct bank recapitalisation. He cited some ‘complex technical issues’ remain on direct recaps.
When the microphone turned to Klaus Regling, head of the ESM, he told reporters that the ESM supports troika's recomendations on Spain, which should initiate a second stage on the ongoing bank recapitalisation. Regling also said Spain disbursement worth €26 Bln is lower than anticipated.