European crisis meeting likely early September: Spain

9th August 2011, Comments 0 comments

Europe will "no doubt" hold a meeting on the financial crisis in early September, Spanish Finance Minister Elena Salgado said Tuesday.

"We have been holding telephone conversations and we will no doubt hold a meeting in the first days of September," she said when asked if there would be a European crisis meeting.

"I hope it will not be necessary to have it earlier but if it is, we are all available for that," the finance minister told Onda Cero radio in an interview.

Spain has called for faster action to implement the financial commitments of a July 21 European summit.

The summit agreed to throw a new 160-billion-euro ($226-billion) lifeline to Greece and to expand the scope of a eurozone crisis fund to let it buy sovereign bonds on the secondary market and bail out banks.

But the changes need the approval of national European parliaments, which are not expected to be able to act before September following breaks during the summer.

Salgado said European policymakers had stayed in touch by mobile telephone in the meantime.

© 2011 AFP

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