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ECOFIN Discusses European Economies

(GREEK NEWS AGENDA)   Efforts to restore the operation of the banking system in Europe and the implementation of an updated Stability and Growth Pact were the main focus of the Ecofin meeting in Brussels on February 10 Economy and Finance Minister Yiannis Papathanasiou said, speaking to reporters after the meeting. The minister underlined the need to respect the rules, as laid out in the Stability and Growth Pact and added that the updated Greek version submitted to the European Commission pledged to reduce the country’s fiscal deficit below 3% of the GDP by 2011. Asked whether there is a need of revising a 28-bln-euro plan to prop up liquidity in the Greek banking system, Papathanasiou said that there is no such need because Greek banks have had minimum exposure to the so-called “toxic” assets.