"The Eurogroup meets up on Monday in Brussels (14:00 London time) with Eurozone finance ministers expected to review individual bailout programmes along with discussing further details on the move towards a banking union.
Bailouts
Ireland is currently making progress with the aim to exit its bailout programme by the end of the year. Despite positive comments by the European Commission, the Irish government has shown interest in establishing an emergency credit-line in order to reassure investors that its sovereign debt has the support to face any unexpected shocks.
Eurozone finance ministers are also expected to discuss the bailout provided for Spain's financial sector. After an initial injection of €40bn, Spain has found it unnecessary to access the remaining €60bn that was originally approved and expires in December.
Greece will also be discussed even as its government is reportedly considering a proposal for a debt turnover. Greek newspaper Kathimerini reported that about €4.4bn in bonds issued to Hellenic banks in 2009 which should come due in May of next year could be paid with new bonds to help cover the bailed-out country's expected financing gap.
Banking union
The Eurogroup will also discuss further moves towards the banking union in preparation for the European Council meetings, known as the European Summit, scheduled for October 24-25th.
On the table are discussions regarding where funding will come from to repair any banks' balance sheets after next year's stress tests. The European Central Bank (ECB) is scheduled to become the area's single bank supervisor next year.
However, agreement is still needed on which institution will become the so-called "singe resolution mechanism" responsible for the actual winding-down of banks. The European Union (EU) Internal Market and Services Commissioner Michel Barnier has suggested that the permanent bailout fund, known as the European Stability Mechanism (ESM), could take over as the resolution agency.
However, ESM chief Klaus Regling expressed skepticism in an interview with Der Spiegel, noting that the task has nothing to do with the rescue fund's current responsibilities.
A Eurogroup press briefing is scheduled for approximately 18:00 on Monday.
The Eurozone finance ministers will be joined on Tuesday by the rest of their EU colleagues for the Ecofin meeting with a press conference currently scheduled for around 13:00."
Source: LiveCharts
Bailouts
Ireland is currently making progress with the aim to exit its bailout programme by the end of the year. Despite positive comments by the European Commission, the Irish government has shown interest in establishing an emergency credit-line in order to reassure investors that its sovereign debt has the support to face any unexpected shocks.
Eurozone finance ministers are also expected to discuss the bailout provided for Spain's financial sector. After an initial injection of €40bn, Spain has found it unnecessary to access the remaining €60bn that was originally approved and expires in December.
Greece will also be discussed even as its government is reportedly considering a proposal for a debt turnover. Greek newspaper Kathimerini reported that about €4.4bn in bonds issued to Hellenic banks in 2009 which should come due in May of next year could be paid with new bonds to help cover the bailed-out country's expected financing gap.
Banking union
The Eurogroup will also discuss further moves towards the banking union in preparation for the European Council meetings, known as the European Summit, scheduled for October 24-25th.
On the table are discussions regarding where funding will come from to repair any banks' balance sheets after next year's stress tests. The European Central Bank (ECB) is scheduled to become the area's single bank supervisor next year.
However, agreement is still needed on which institution will become the so-called "singe resolution mechanism" responsible for the actual winding-down of banks. The European Union (EU) Internal Market and Services Commissioner Michel Barnier has suggested that the permanent bailout fund, known as the European Stability Mechanism (ESM), could take over as the resolution agency.
However, ESM chief Klaus Regling expressed skepticism in an interview with Der Spiegel, noting that the task has nothing to do with the rescue fund's current responsibilities.
A Eurogroup press briefing is scheduled for approximately 18:00 on Monday.
The Eurozone finance ministers will be joined on Tuesday by the rest of their EU colleagues for the Ecofin meeting with a press conference currently scheduled for around 13:00."
Source: LiveCharts
