Correspondent's Choice

This story about a May 10th European Summit was published by EurActiv on 28th April 2010.

Eurozone leaders are discussing the possibility of holding a special summit in Brussels on 10 May to activate an aid package for Greece, a spokesman for the Spanish government said on 27 April.

“There are talks at the highest level, and 10 May is the first available date after the vote for activation in the Greek parliament on 6 or 7 May,” said the spokesman, whose country holds the European Union’s rotating presidency.

“The talks were already going on and have nothing to do with the downgrades by ratings agencies,” the spokesman added.

Speaking a few hours later, European Union President Herman Van Rompuy said on Wednesday that negotiations on Greece’s debt are well on track, and there is no question of restructuring it.

“Negotiations are going on, they are well on track, and there is no question about restructuring the debt,” Van Rompuy told a news conference in Tokyo, where a EU-Japan summit is taking place.

He confirmed that a meeting of Eurogroup leaders would be called around 10 May.

Greek debt slashed to junk status

Rating agency Standard and Poor’s slashed Greek debt to junk status on Tuesday and also downgraded Portugal, as investors worried that political pressures could block a multi-billion euro bailout of Greece.

Markets are not convinced that governments will have the political will to reach and sustain an agreement on the aid, especially in Germany, where public opinion is strongly against helping Greece and where Chancellor Angela Merkel’s party risks defeat in a regional election on 9 May.

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