LUXEMBOURG (Dow Jones) – The problems of the euro area and its currency are serious, according to the IMF Managing Director Dominique Strauss-Kahn, the reaction of financial markets, however, exaggerated. (Reuters photo:)
"As you know, the situation is very serious, but it is impressive to see how fast the Europeans have responded," Strauss-Kahn said on Monday before the meeting of euro zone finance ministers (€ Group) Luxembourg. The investors would soon achieve a more realistic attitude, he added.
The Euro Group will on Monday essential details of the financing facility (SPV) on the path, you can get in on the distress euro countries up to 440 billion EUR. The chairman of euro group, Jean-Claude Juncker, said the finance ministers would decide on Monday about details SPV.
Economic and Monetary Affairs Commissioner Olli Rehn said on his arrival in Luxembourg on the euro exchange rate. He said: "I am concerned rather the pace of the euro exchange rate fall as the exchange rate itself," Regarding the situation in Hungary that do not belong to the euro area, he said: "This is shadow boxing, this is not a real crisis."
By-By Matthew Dalton, Roman Kessler and William Horobin,
Dow Jones Newswires, +49 (0) 69 29 725 300
Hans.Bentzien @ dowjones.com
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