Juncker says time has come for ‘action’

Eurogroup head Jean-Claude Juncker says that the time has come for Greece to maintain its pledges, Skai reported on Tuesday.

Speaking on German radio on Tuesday following a summit meeting which ended late Monday night, Juncker noted that Greece is currently under «strict supervision» and that the country’s partners were now expecting some «action» with regards to budget stabilization. Juncker’s comments reflected the mounting pressure felt by Greek prime minister Lucas Papademos in Brussels.

The Eurogroup leader added that it is now common knowledge that Greece’s stabilization program had gone off track and that the country needed the support of its European partners in order to get back on the initial program’s track.

Juncker noted that PSI negotiations ought to reach a conclusion this week, while he did not discard the possibility of public sector participation in the Greek debt’s haircut, provided that negotiations with the private sector bear fruit. He also reiterated his opposition to a German proposal regarding Greece coming under guardianship through the appointment of an EU commissioner.