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Michael Noonan
Michael Noonan
Image: Laura Hutton/Photocall Ireland

Noonan in Brussels for eurozone summit

Finance ministers from the 17 eurozone countries are meeting today to flesh out the details that were agreed at a leaders’ summit last month.
Nov 7th 2011, 7:15 AM 321 5

THE MINISTER FOR Finance Michael Noonan is in Brussels today to meet with his eurozone counterparts.

Finance ministers from the 17 eurozone nations will meet in the Belgian capital where they will flesh out the details of the deal agreed by EU leaders at a summit last month.

The deal included a second bailout for Greece, bank recapitalisation and the expansion of the region’s bailout fund, the European Financial Stability Fund, to as much as €1 trillion.

Details of how to reach that deal will be worked on today but the ministers face significant challenges following a failure to agree fresh funding from China and Brazil and with only a vague offer of assistance from the International Monetary Fund to boost the firepower of the bailout fund.

The meeting is also likely to focus on the continuing turmoil in Greece where political leaders argued last week over a proposed referendum on the country’s second bailout which was later dropped.

Greek politicians have since agreed on a unity government which is likely to see current prime minister George Papandreou replaced.

Also on the agenda for finance ministers will be Italy and how Silvio Berlusconi’s government proposes to reduce its near €2 trillion debt.

All 27 EU finance ministers will meet tomorrow.

Greek leaders continue talks, with only five weeks worth of cash left >

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