Sept 29 (Reuters) - The European Commission presented proposals on Wednesday to tighten the rules on budget deficits and debt for euro zone member states, an effort to add teeth to the European Union's Stability and Growth Pact.
Following are quotes from EU officials laying out the proposals:
EU COMMISSION PRESIDENT JOSE MANUEL BARROSO
ON PORTUGAL
'We feel that the situation in Portugal is serious and that Portugal has to show responsibility, but it's a very complex issue.
'What's essential is for the Portuguese government to state very clearly how it intends to achieve the budget goals that have been suggested... These are targets that were announced by the Portuguese government last May, when the euro zone crisis was at its worst.
'These are announcements which were well-received by the social partners and by the financial markets and it's essential for Portugal to stick to these objectives and they have to show that they can achieve the goals so that they can present a credible budget for 2011.
'Portugal is aware fo the difficulties of presenting a budget for 2011 that is sufficiently ambitious, but all this just needs to be done. Unfortunately the situation is that the financial markets think that the Portuguese government is shilly-shallying.'
EU COMMISSIONER FOR ECONOMIC AND MONETARY AFFAIRS OLLI REHN
ON IRELAND
'The Irish government is planning to communicate the final estimates of the costs of the rescue plan for Anglo Irish bank tomorrow. We are in close contact with the authorities and we fully support their efforts.'
ON THE NEW SANCTIONS PROPOSALS
'With today's legislative package, the Commission will seek to translate our earlier policy initiatives into concrete legal instruments.'
'All in all ... this will help construct a true and genuine economic union to complement the monetary union and it is high time to do so because it is esssential for sustainable public finances and sustanaible growth.'
Keywords: EUROZONE SANCTIONS/COMMISSION (Brussels newsroom, +32 2 287 6830; luke.baker@reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Following are quotes from EU officials laying out the proposals:
EU COMMISSION PRESIDENT JOSE MANUEL BARROSO
ON PORTUGAL
'We feel that the situation in Portugal is serious and that Portugal has to show responsibility, but it's a very complex issue.
'What's essential is for the Portuguese government to state very clearly how it intends to achieve the budget goals that have been suggested... These are targets that were announced by the Portuguese government last May, when the euro zone crisis was at its worst.
'These are announcements which were well-received by the social partners and by the financial markets and it's essential for Portugal to stick to these objectives and they have to show that they can achieve the goals so that they can present a credible budget for 2011.
'Portugal is aware fo the difficulties of presenting a budget for 2011 that is sufficiently ambitious, but all this just needs to be done. Unfortunately the situation is that the financial markets think that the Portuguese government is shilly-shallying.'
EU COMMISSIONER FOR ECONOMIC AND MONETARY AFFAIRS OLLI REHN
ON IRELAND
'The Irish government is planning to communicate the final estimates of the costs of the rescue plan for Anglo Irish bank tomorrow. We are in close contact with the authorities and we fully support their efforts.'
ON THE NEW SANCTIONS PROPOSALS
'With today's legislative package, the Commission will seek to translate our earlier policy initiatives into concrete legal instruments.'
'All in all ... this will help construct a true and genuine economic union to complement the monetary union and it is high time to do so because it is esssential for sustainable public finances and sustanaible growth.'
Keywords: EUROZONE SANCTIONS/COMMISSION (Brussels newsroom, +32 2 287 6830; luke.baker@reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.