News Headline Summary

Eurogroup's Junker says sees revised fiscal targets for Greece as appropriate

Juncker says:

- Calls on Greece to implement a few more prior actions.
- Eurogroup will continue on November 20th to discuss Greece.
- Spanish banking programme is well on track.
- Urged Cyprus and the Troika to reach an agreement.
- Expect that by November 20th elements in place to start procedure for Greece tranche disbursement.
- New Greece program instruments include correction mechanisms, 'enhanced' debt servicing account.
- 120% Debt/GDP is still benchmark for Greek debt sustainability, but has been moved to 2022.
- Official sector involvement will not be a favourite option for Greek debt reduction.
- Target of Greece Debt/GDP will be 120% but for 2022, not 2020.

12 Nov 2012 - 22:13 - Fixed Income - Source: Newswires

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