Highlights: Euro zone finance ministers and officials

Tue Nov 29, 2011 5:49pm EST
 
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BRUSSELS (Reuters) - Euro zone finance ministers and officials met in Brussels on Tuesday to agree on leveraging their EFSF bailout fund so it can help Italy or Spain should they need aid.

They also agreed to release the next aid payments to Greece and Ireland under their assistance programs.

Following are highlights of comments after the talks:

EUROPEAN FINANCIAL STABILITY FACILITY HEAD KLAUS REGLING ON EFSF:

"It should be clear that we do not expect investors to commit large amounts of money in the next few days or weeks. Leverage is a process over time. We only need to mobilize resources if and when we need to support a member state and when we use our new instruments.

"But the EFSF is now ready to implement both approaches. We will use both options simultaneously. The final amount of firepower will depend upon the concrete use and mix of instruments and the exact degree of protection, somewhere between 20 and 30 percent.

"The deployment of either instrument using leverage will only be made following a request from a member state, and any support from the EFSF will be linked to strict policy conditionality, monitoring and surveillance procedures."

EUROGROUP PRESIDENT JEAN-CLAUDE JUNCKER ON SITUATION IN ITALY:

"We were discussing the situation in Italy in the presence of the newly appointed prime minister, Mario Monti. He presented us the policy priorities of the new Italian government.   Continued...