The management of the Greek crisis was the main topic of the ECOFIN’s Tuesday session. Commenting on the presidential report assessing the situation of Greece, Minister for National Economy Mihály Varga said that it was once again proven that Hungary has been the first to recover from the European economic crisis thanks to its economic programme that the Government had implemented in the face of initial harsh criticism.

The currently endorsed rescue package and its expected consequences will not have a substantial impact on the operation of Hungary’s economic and financial systems, he added.

On the 14 July session, ECOFIN ministers were informed of the issues on the agenda of the Euro-zone leaders’ summit (Eurogroup), with special emphasis on the management of the Greek crisis. Following the meeting, Minister Varga said that due to economic decisions of the past years and the remedy proposed by international institutions the country is no longer capable of dealing with the dire economic situation all alone. Fixing the Greek issue, the Minister pointed out, has become a European problem. The Europroup resolution published on Monday morning does not provide a final cure, as strict preconditions must be met before the next steps can be taken: among others, the parliaments of several countries – including those of Greece and Germany -- must approve the plan before the official negotiations on programme details can be started. As the Minister stressed, the direct and indirect impacts of the loan package will place an enormous burden on the Greek society.

At the session, the ECOFIN work programme of the Luxembourg Presidency was discussed. The Hungarian delegation emphasised that the country supports the implementation of the European Investment Plan that aims to improve investment climate in Europe by eliminating investment obstacles.

(Ministry for National Economy)