Leaders of the euro area welcomed the significant progress made towards a full staff level agreement between Greece and the Troika on updated programme conditionality. However, the Eurogroup also called on the Greek authorities to implement the few remaining prior actions as a matter of urgency so as to allow for a swift conclusion of the review. Moreover, in a meeting held in the European Parliament, MEPs stressed to the Spanish finance minister, Luis de Guindos, the need to develop a better policy mix in response to the crisis, with less focus on austerity measures and more on growth and investment.

The updated programme conditionality, including a wide range of robust and necessary measures in the areas of fiscal consolidation, structural reforms, privatisation, automatic correction mechanisms and financial sector stabilisation is reaching a full staff level agreement between Greece and the Troika according to a statement issued by the Eurogroup. In March 2012, the Eurogroup considered that the necessary conditions were in place to launch the second Greek adjustment programme.

The Eurogroup also welcomed the resolve of the Greek authorities to bring the programme back on track, notably through the adoption by its Parliament, on 7 and 11 November, of a substantial set of reforms as well as a convincing budget for 2013. These have received a preliminary positive assessment by the Troika. In its review, the Eurogroup concluded that the revised fiscal targets, as requested by the Greek government and supported by the Troika, would be an appropriate adjustment for the further path of fiscal consolidation in view of recent economic developments. The Eurogroup looks forward to the adoption of the related legal texts by the Council.

On the other hand, Spanish finance minister, Luis de Guindos, highlighted in a meeting held with MEPs on 12 November that Spain's measures were paying off and that forecasts were good. Some MEPs said, however, that the European Commission's forecasts were less positive and that the Commission had often been closer to reality than government forecasts. They pressed the minister on whether Spain was considering a restructuring of its debt and whether it would be applying for an EU bailout.