EU Officials to Discuss Greece Rescue

World | July 11, 2011, Monday // 08:10
Bulgaria: EU Officials to Discuss Greece Rescue European Council president Herman Van Rompuy. Photo by Daily Mail

High European officials have been summoned by EU Council President Herman Van Rompuy  to discuss plans for a second bailout package for Greece on Monday.

The meeting will include ECB President Jean-Claude Trichet, Luxembourg Prime Minister Jean-Claude Juncker, European Commission President Jose Manuel Barroso and EU economy commissioner Olli Rehn.

"There are various concerns and worries about the progress of the second bailout package [for Greece], mostly because of little progress in the private-sector involvement," a senior EU official has told The Wall Street Journal. "It's not moving at the expected pace," the anonymous official has added.

A new plan scheduled to be discussed at a sitting of Euro Area Finance Ministers Monday could include new concessions by European lenders to reduce Greece's debt, including further lowering interest rates on bailout loans and a broad-based bond buyback program.

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Tags: greece, bailout, EU, Finance Ministers, Herman van Rompuy

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