Politics World

EU: Anti-crisis plan within ten days (Rehn)

The European Union will develop within ten days the anti-crisis plan which targets were set at the summits of the EU and the euro area of 26 and 27 October last,  said Olli Rehn Vice President of the Commission European on Wednesday.

“We are committed within ten days to complete the anti-crisis plan for the EU,” Rehn said before a meeting of the Council of Ministers of Economy and Finance (ECOFIN) of the EU countries.

Summits on 26 and 27 October, the leaders of twenty-seven have developed a package of measures aimed at breaking the euro zone crisis. It provides for the recapitalization of banks to the tune of 106 billion euros, a second bailout of Greece with the 50% cancellation of debt held by private investors, and increasing the European Financial Stability Fund (EFSF) to 1.000 billion euros.

The next EU summit is scheduled for December 8 and 9.

At present, 17 countries in the euro area are subject to the Stability and Growth Pact (SGP) which limits to 3% of gross domestic product (GDP) budget deficit and 60% of GDP public debt of any Member State . Yet many countries do not conform to these criteria, the EU authorities have adopted sanctions that will come into force on 1 January 2012.

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