The economy and finance ministers of the euro area countries are meeting in Brussels to study possible mechanisms to help Greece overcome its budgetary crisis, a process that the Spanish minister, Elena Salgado, describes as “very advanced”.

Answering questions from journalists upon her arrival at the offices of the Council of the EU, the Minister of Economy and Finance and Second Vice President of the Spanish Government said that preparatory technical work was at a very advanced stage, and that the ministers of the Euro Group will be looking into how to help Greece.

She said that one of the options under consideration, although nothing is yet decided, is to guarantee Greek debt issuances, so that the country can find market financing at reasonable prices.

In Salgado's opinion "it would be desirable" for the Euro Group to settle on a single formula, though she could not guarantee this would be possible.

Salgado did not want to talk about any hypothetical figures either, reiterating that "Greece has still not requested any specific aid", meaning that "it is very premature to talk about sums right now".
Ever since the start of the Greek crisis, European governments and institutions have been trying to devise an emergency mechanism compatible with the economic and monetary union regulations, particularly with the clause of the treaty that bars the union from taking on or directly financing the debt of a euro member country.

At the summit meeting on 11 February the EU-27 promised to act "in a decisive and coordinated way", if necessary, while calling on the government of Yorgos Papandréu to take all necessary measures to reduce Greek public deficit from the current 12.7% of gross domestic product (GDP) to less than 3% by 2012.

The President of the European Commission, José Manuel Durão Barroso, last Tuesday told the plenary session of the European Parliament that "Greece has taken all the steps necessary to reduce its fiscal deficit this year".

Barroso said the Commission is "working actively" with the members of the euro area to define an instrument that the Greek authorities could use, should the need arise. He said this would be "compatible with the treaty" and that "very strict" conditions will be put in place to govern its use. He also pointed out that it would have to be accepted by all euro area members.
 

• Vidéo: Statements made by the Minister of Economy and Finance and Second Vice President of the Spanish Governmen, Elena Salgado, before the meeting of the Euro Group
• Vidéo: Beginning of the meeting of the Euro Group