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Brussels, 28 April 2010

Statement by President Barroso on Greece

The European Commission is making solid and rapid progress with the ECB, the IMF and the Greek authorities to finalise the Greek adjustment programme. The Commission expects this work to be finalized in the coming days.

On this basis, the Euro area members will take the decision on the activation of the financial support, as decided by the Heads of State and Government of the Euro area on 25 March and specified by the Eurogroup on 11 April.

All euro-area Member States are finalizing the procedures that will allow them to provide financial support to Greece as necessary.

The euro-area Member States, the Commission, the ECB [and the IMF] are determined to guarantee the overall financial stability of the euro area.

There is no doubt that Greece's needs will be met in time.

Debt restructuring in an euro-area Member State is not an option and is not going to be part of the joint programme.

Amongst all the speculation, I would like to remind you that the European Commission has already taken action to put in place a regulatory framework on credit-rating agencies, and will continue to watch closely the behaviour of the financial markets during this crisis.

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