75 in 2009 under 3 of GDP to here in 2012

Meeting this evening of the Eurogroup, Finance Ministers of the euro area, and tomorrow of Finance Ministers of the twenty - seven will have the task of convincing the seriousness of the commitments Europe support as well as the implementation under tutelage of the Greece. Finance Ministers of the Union will officially be the Greece notice to reduce its deficit, even of 12.75 in 2009, under 3 of GDP to here in 2012. They will also ask him to take specific measures to avoid endangering the rest of the euro area, for example by reforming its pension and health systems. In this connection, the "Handelsblatt" to be published today says that the ECB would ask the Ecofin Ministers harden the conditions imposed on the Greece, via including "more cuts", a VAT increase and higher taxation of luxury goods and energy. However, continued the newspaper, a majority of Ministers would be competing. The Papandreou Government will be accountable according to a precise timetable: it will need to present a first report in mid-March, a second in mid-May, and then another every three months.

Athens under supervision

Who put the Greece under supervision, the great paymaster of the euro area should discuss terms of the plan to support the principle adopted by the heads of State and Government of the Union Thursday. They should seek to clarify how they coordinate and, ultimately, would be the burden, should they be resolved to implement it. But, assuming that discussions are progressing, not issue make public the results immediately. "Better is worth maintaining market uncertainty rather than allow them to continue to speculate," said a diplomat. Say to at the outset that some States will provide their warranty if the Greece could precipitate things, investors are then encouraged to replace Greek paper they hold by debt issued by the State French or German. And reveal his cards would be for the Eurogroup to release pressure on Athens, too quickly while it is in the Greece to make the effort in the immediate future. A strategy fully supported yesterday by the pattern of the European Central Bank, Jean-Claude Trichet, who considered the "Grand jury" RTL - LCI - "Le Figaro" that the commitment of the heads of State and Government to support the way Greece "determined and coordinated" him enough. However, he acknowledged that "path aberrant" Greek public accounts "should not be tolerated", but that the twenty-seven did not have the legal means of "visit and Verify", a situation that will need to change, according to him.

Moderately serious negligence

Also, the President of the Eurogroup, Jean-Claude Juncker, admitted Saturday that the Eurogroup had committed a "moderately serious negligence error" in not to being not occupied enough the financial situation of the Greece. Eurogroup "will be addressed in the future much more intensively and on the competitiveness of the countries severely," he promised. The European Commissioner for energy, the German Günther Oettinger, held yesterday in "welt am sonntag" that "the States of the Union must begin to reduce their deficit in 2011." If they refuse, the Stability Pact should be changed so that the European authorities can better intervene in national policies. "The stability of the euro must be guaranteed."

For its part, at the risk of creating the irritation of leaders European, Georges Papandreou denounced Friday the dissension within the Union, it considers responsible for the delay in the support given to his country. He accused the European institutions have failed in their task by not controlling the previous Government, accused of having manipulated statistics.