eu leaders upbeat on euro after greece bank deals
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

EU leaders upbeat on euro after Greece, bank deals

Arab Today, arab today

Arab Today, arab today EU leaders upbeat on euro after Greece, bank deals

Brussels - AFP

European leaders kicked off the last summit of a crisis-hit year to thrash out the euro\'s future Thursday, full of Christmas cheer after clinching deals on bank supervision and funding for Greece. Leaders hope to cap a triumphant week that saw the European Union win the Nobel Peace Prize by setting out ways to plug holes in the eurozone\'s construction that have been brutally exposed during the bloc\'s three-year debt crisis. Video showed leaders smiling and joking with each other, before EU President Herman Van Rompuy opened the meeting by saying: \"The worst is now behind us but of course much still needs to be done.\" Referring to the Nobel award, he added: \"We started the week well in Oslo. Let\'s finish it well here in Brussels with a further positive outcome.\" Hero of the day was Italy\'s Prime Minister Mario Monti, hailed for tough reforms that have brought Italy back from the brink of financial collapse but who announced last weekend he was throwing in the towel.  \"Confidence has been returning in Italy\'s capacity to solve problems,\" said European Commission chief Jose Manuel Barroso. \"Let me praise Mario Monti and his government for this.\" At the talks, leaders will debate a report drawn up by Van Rompuy that proposes steps towards greater economic integration in the 17-nation eurozone, eventually with a common \"fiscal capacity\" and binding reform commitments. Following a summit that collapsed in failure only last month on the EU\'s seven-year budget, the atmosphere was noticeably brighter after ministers sealed much-heralded agreements on supervising big banks and aid to Greece. Greek Prime Minister Antonis Samaras exclaimed that \"Grexit is dead\", meaning the prospect of Greece leaving the eurozone was no longer possible after ministers released bailout funds to avert bankruptcy. After a buy-back programme designed to reduce Greece\'s debt mountain, Eurogroup head Jean-Claude Juncker said a first payment of 34.3 billion euros ($44.7 billion) would be flowing to Athens \"as early as next week.\" This instalment would go to help recapitalise Greece\'s crisis-wracked banks, to be followed by another 14.8 billion euros in the first quarter of next year. An ecstatic Samaras, who has pushed through painful reforms demanded by creditors, often in the face of violent protest, told reporters: \"Greece is back on its feet. The sacrifices of the Greek people have not been in vain. \"Solidarity in our Union is alive. Grexit is dead,\" Samaras added as he went into talks with EU conservative parties ahead of the two-day summit. \"Today is not only a new day for Greece, it is indeed a new day for Europe.\" Hours before the Greece deal, ministers charged the European Central Bank with the task of monitoring banks with assets of more than 30 billion euros or equal to 20 percent of a state\'s economic output from March 2014. The deal, which German Chancellor Angela Merkel said \"cannot be valued highly enough\", is the first step on the path towards a banking union and clears the way for EU bailout funds to recapitalise struggling banks directly. As she arrived for the talks, Merkel called the move a \"big step towards more reliability and trust in the eurozone\". The new Single Supervisory Mechanism (SSM) for the eurozone -- which Britain and Sweden will not take part in -- will mean the ECB directly supervising some 200 of the biggest of the estimated 6,000 eurozone lenders. ECB chief Mario Draghi hailed the accord as \"an important step towards a stable economic and monetary union, and towards further European integration\". More excitably, Barroso said: \"You remember, when we spoke about this some time ago, people said it will not fly. It is flying. It is happening.\" Merkel voiced some satisfaction as she looked back on a year of seemingly endless crisis summits, damaging market volatility and, at times, near break-up of the eurozone bloc. \"All in all, I want to state at the end of 2012 that we have achieved a lot. It was a very heavy year in terms of work but it was also a year in which we managed to make big progress.\" But, as ever with EU summits, jitters were never far away, this time in the shape of Italian political uncertainty. Italy\'s former leader Silvio Berlusconi has sown confusion by saying Wednesday he could abandon a re-election bid if Monti decided to run. Barroso said he had expressed \"very frankly\" to Berlusconi \"the importance of having stability in Italy, of keeping Italy on this path of stability and reforms\".

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

eu leaders upbeat on euro after greece bank deals eu leaders upbeat on euro after greece bank deals

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

eu leaders upbeat on euro after greece bank deals eu leaders upbeat on euro after greece bank deals

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday