Euro zone finance chiefs discussed in their first day meeting the process of accelerating the boost of the European rescue fund and the difficult situation in Greece and Italy.

Regarding the expansion of the European Financial Stability Facility (EFSF), they revealed that the EFSF will now consult in order to come up with the most effective arrangements. We intend to finalize the work of the operational details of the two options by the end of November in the form of guidelines that will be approved by the Eurogroup so that implementation can take place in December.

For Greece, they mentioned that more likely there will be a new coalition government which has to show its commitment to the EU/IMF program to receive the sixth tranche this month.

Italy, on the flip side, has to show to speed up the process of implementing the announced austerity measures, referring that this is now the main task of Italy.