EU summit opens with Greek crisis top on agenda
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Xinhua, June 24, 2011
European Union (EU) leaders gathered in Brussels Thursday for a two-day summit meeting which is sure to be dominated by the worsening Greek debt crisis.
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Leaders attend the family photo of the EU Summit in Brussels, capital of Belgium, June 23, 2011. European Union (EU) leaders gathered here Thursday for a two-day summit meeting which is sure to be dominated by the worsening Greek debt crisis. [Thierry Monasse/Xinhua] |
However, German Chancellor Angela Merkel told reporters that the leaders will discuss Greece but there won't be any "operative decisions" on the debt-laden country.
"You can't expect decisions on programs or something like that today because there's an important vote in Greece first," Merkel said.
Merkel said that the 27 heads of state and government would evaluate the work that eurogroup finance ministers have been undertaking since their monthly meeting on Monday.
Eurogroup finance ministers decided on Monday that disbursement of the next tranche of loans to Greece will hinge on the adoption of the new round of austerity measures by the Greek parliament.
The fifth tranche of loans, which amount to 12 billion euros (16.9 billion U.S. dollars), was originally scheduled to be handed to Greece this month so that Athens could pay back its maturing debts. But it was held off due to the country's failure to meet austerity targets.
If Greece could not get the loans in time, it would be unable to pay its debts maturing in July and face the imminent risk of default.
The ministers said that a final decision would be made at their meeting on July 3, a few days after the June 28's Greek parliamentary votes on the austerity measures.
On the second bailout package to Greece, the ministers agreed that the private sector will take part in the bailout efforts on a voluntary basis and parameters of the package would be discussed at their monthly meeting on July 11.
The German chancellor said that she is "very optimistic" that the finance ministers would set the stage for a future Greek aid package.
Overshadowed by the Greek crisis, the leaders would also take stock of progress made concerning the comprehensive package adopted at their spring summit, including the six legislative proposals to strengthen economic governance of the bloc, the amendment to the European Financial Stability Facility, and the European Stability Mechanism.
The bloc's migration policy, partnerships with countries in the southern Mediterranean and Croatia's accession are also on the agenda.
