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 BREAKING NEWS: European diplomat confirms meeting of 27 EU finance ministers has been cancelled

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lexie
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PostSubject: BREAKING NEWS: European diplomat confirms meeting of 27 EU finance ministers has been cancelled    Tue Oct 25, 2011 10:31 am

October 25, 2011 1:09 pm

[UPDATED] A sign the big summit could fall short?


Juncker, left, heads Eurogroup of 17 euro finance ministers. Rostowski, right, the Ecofin of all 27.

UPDATE: European diplomat confirms meeting of 27 EU finance ministers has been cancelled.

It’s getting uncomfortably close to crunch time for eurozone leaders, with just over 24 hours left before the summit-to-end-all-summits. But will they actually be able to agree on the big euro rescue plan? A letter sent last night by Jacek Rostowski, the Polish finance minister, makes it seem doubtful.

Since Poland currently holds the European Union’s rotating presidency, Rostowski is charged with convening a meeting of all 27 EU finance ministers tomorrow ahead of the big summit to lay the groundwork for a final agreement.

But officials tell Brussels Blog the so-called “Ecofin” council meeting is now likely off, and in a letter to Jean-Claude Juncker, the Luxembourg prime minister who chairs the group of 17 eurozone finance ministers, Rostowski makes it appear the cancellation is due to a failure to agree on outstanding issues.
As things stand at present, I understand that the full package may not be ready by Wednesday, 26 October. Were this the case, the presidency would need to postpone the Ecofin council meeting by a day or two. Therefore I would like to ask you to keep me informed on when the remaining elements of the package will be completed by the Eurogroup so that I can convene the Ecofin meeting as promptly as possible.

An Ecofin council meeting ahead of the summit is specifically called for in the conclusions of Sunday’s summit, which say Ecofin must “finalise this work” on a bank recapitalisation plan before the Wednesday gathering.

Other officials told Brussels Blog that there is a growing belief that any meeting of Ecofin or Mr Juncker’s eurogroup is superfluous, since heads of government will have to make all the major decisions Wednesday night anyway. But cancelling meetings of finance ministers ahead of time may not augur well for what’s to come.



http://blogs.ft.com/brusselsblog/2011/10/a-sign-wednesdays-summit-could-fall-short/#axzz1bnr4hko2



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PostSubject: Re: BREAKING NEWS: European diplomat confirms meeting of 27 EU finance ministers has been cancelled    Tue Oct 25, 2011 10:52 am

BRUSSELS | Tue Oct 25, 2011 10:19am EDT

BRUSSELS (Reuters) - European Union finance ministers have canceled a meeting set for Wednesday but the summit of EU leaders and of the euro zone leaders will proceed as normal, an EU spokesman said on Tuesday.

The EU finance ministers meeting, known as an Ecofin, was canceled because the details of issues to be discussed at the meeting have not been finalized, sources told Reuters.

Poland, which holds the rotating EU presidency until the end of the year, is responsible for organizing Ecofins and was responsible for deciding to cancel Wednesday's meeting.

Euro zone financial officials will still meet ahead of the summit, the EU spokesman said, and Ecofin may also meet in the coming days to work on the details of whatever euro zone leaders agree on Wednesday night.



http://www.reuters.com/article/2011/10/25/us-eurozone-meeting-idUSTRE79O42S20111025



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PostSubject: Re: BREAKING NEWS: European diplomat confirms meeting of 27 EU finance ministers has been cancelled    Tue Oct 25, 2011 12:51 pm

The EU finance ministers meeting, known as an Ecofin, was canceled because the details of issues to be discussed at the meeting have not been finalized, sources told Reuters.


I wonder what those details were? hmmmmmmmmmmmm.....ya think RV? Hello?
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PostSubject: Re: BREAKING NEWS: European diplomat confirms meeting of 27 EU finance ministers has been cancelled    Tue Oct 25, 2011 12:55 pm

It smells like they need more time to finalize the rv...
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PostSubject: Re: BREAKING NEWS: European diplomat confirms meeting of 27 EU finance ministers has been cancelled    Tue Oct 25, 2011 5:32 pm

If they don't come up with something very soon, This could cause all world markets drop like rocks, as the traders were put of from the weekend to Wednesday, now no Wednesday.



Not good news for investors in the markets. At this point a RV would help, but not fix the problems.

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