The conclusions of the latest Euro Summit shows an agreement among Eurozone ministers with regard to Greece. The new programme agreed includes a contribution by Euro area Member States to the package up to €30 billion. In particular, the new EU-IMF multiannual programme financing up to €100 billion will be put in place by the end of the year. It also includes a voluntary contribution by private creditors who had lent to Greece.

The Eurozone ministers agreed in the latest summit held on 26 of October in a sustainable solution for Greece. They want to reduce Greece public debt to 120% of the GDP by 2020. Ministers therefore agreed in a new EU-IMF programme of up to 100 billion put in place by the end of the year. It also includes a voluntary contribution by private creditors who had lent to Greece. It was agreed by them and amounts to a nominal discount of 50% on national Greek debt. The European Commission is already working on the best way to organise technical assistance for Greece.

Ministers also agreed in putting in place a sufficient firewall against contagion, throughout the significant optimisation of the resources of the EFSF, without extending the guarantees underpinning the facility. The options agreed will allow the EFSF resources to be leveraged. The leverage effect of both options will vary, depending on their specific features and market conditions, but could be up to 4 or 5, which is expected to yield around 1 trillion euro (around 1.4 trillion dollar).

Other important measures agreed are a further fiscal consolidation by those Member States who need more sustainable public finances and more structural reforms and a co-ordinated scheme to recapitalise banks across Europe. With the last measure, ministers intends to foster confidence in the European banking sector.

On the other hand, the Euro Summit welcomed the commitment of Italy to achieve the above objectives and to abide by the timetable it set itself. Also, ministers took note on the Italy's commitment to achieve a balanced budget by 2013 and its plan to increase the retirement age to 67 years by 2026.