- Doesn’t expect any decisions on details of banking union
- Can see central intervention in national budgets if they are violation of EU rules
- Wants decisive step forward on economic coordination within the Europe
- Not up to Germany to give Spain the green/red light to seek a bailout
- Spain’s on the right course with its reforms and Germany supports their efforts
- Decision rests with Spain to seek aid, but any aid would be subject to negotiated conditions
- Text from June summit is clear, any direct aid to banks from ESM can’t happen without effective banking supervision in place first.
- More rights for an EU currency commissioner would allow for effective coordination
- Can’t say whether any new request for aid by an EU state would make additional reforms/conditionality necessary
- Conditionality is part of every aid programme, but it will be troika’s decision to determine who much conditionality is needed
- Does not expect any substantial discussion on Greece at tomorrow’s summit
- Doesn’t expect an interim report from Troika on Greece at summit and no decisions to be made ahead of full report, but troika talks are far advanced
Reuters/Bloomberg reporting
That’s enough of all that…..
