Parliament Reviews EU Debt Situation
Parliament's European Affairs Committee endorsed the interim report on the Portugal and Ireland loan programs on Friday.
Chairman Taavi Rõivas said in a press release that the two countries are meeting their cuts and reform requirements on schedule, deeming the program successful.
He also remarked that Greece has made success strides in its bond swap program, accepted by 86 percent of creditors.
“Concessions made by banks and funds that have bought Greece debt have given Greece the chance to manage its debt and reduce the risk that others must foot the bill, including Estonian taxpayers,” said Rõivas.
“If countries running a deficit take seriously the need to balance budgets, the Greek bond swap could become a turning point in the debt crisis.”
However, twelve EU countries are currently under the European Commission's supervision for economic instability, budget deficits, unsustainable social programs, or excessively high real estate prices, which is sufficient cause for concern, Rõivas said.
The Euro Group meets again next Monday and the EU's Economic and Financial Affairs Council on Tuesday.
Ott Tammik