BRUSSELS – Italy and Spain agreed on an EU growth pact early Friday after they previously threatened to block the document if they could not secure short-term support to ease their mounting financing pressure, Eurogroup chief and Luxembourg Prime Minister Jean-Claude Juncker said.
The lift of reservations to the pact came after eurozone leaders agreed on measures to ease market pressures in the two countries.
EU leaders agreed on a growth compact during the first phase of a two-day summit Thursday evening, but Italy and Spain refused to sign off as they wanted immediate support measures in exchange, Hollande said at a press conference earlier Friday.
In spite of remarkable austerity measures and structural reforms carried out by the two countries, Italy and Spain remain under high financing pressure.
- EU to mobilize 120 bln euros for growth, pact may face reservation from Spain, Italy 2012-06-29
Editor:James |Source: Xinhua