Wednesday, February 10, 2010

ECB Council to Discuss Greek Fiscal Crisis Tonight, People Say

Feb. 10 (Bloomberg) -- The European Central Bank’s Governing Council will meet via teleconference this evening to discuss Greece’s fiscal crisis and its implications for the euro region, three people familiar with the matter said.

Officials have been asked to prepare dossiers on Greece, Spain and Portugal for the meeting of the 22-member council, which is scheduled for 6:30 p.m. Frankfurt time, one of the people said. No formal agenda has been set yet. ECB spokeswoman Regina Schueller declined to comment. ECB President Jean-Claude Trichet was also scheduled to hold a teleconference with euro- area finance ministers at 3 p.m.

European Union leaders, who hold a summit in Brussels tomorrow, are considering options to bail out Greece and stem turmoil on financial markets that has pushed the euro to an eight-month low. Concerns about Greece’s ability to cut its budget deficit from close to 13 percent of gross domestic product are spreading to the euro region as a whole as investors speculate about a possible Greek default and even a break-up of the 16-nation currency union


Bloomberg Link

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