The European Commission said Tuesday that negotiations have made progress this week in finding a resolution to FinlandĪs requirement for collateral from Greece, but comments from other leaders signaled that there is no quick fix.
“There was progress at the expert level just yesterday [Monday],” Commission President Jose Manuel Barroso said Tuesday at a press conference, adding that he hopes the final details will find consensus “very soon.”
Euro-zone governments are looking into alternative forms of collateral to meet FinlandĪs demand in order for the country to contribute to GreeceĪs second bailout, after a cash deal reached earlier between Greece and Finland was rejected by key member countries, including Germany and the Netherlands.
However, Austrian Finance Minister Maria Fekter said Tuesday that a solution canĪt be solved at the administrative level that discussions are now taking place. They require political talks, which will take place at the next meeting of euro-zone finance ministers Sept. 16, she said.
(source: Dow Jones)
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