But what is important is that Greece carries out the adjustment itself, helped by this very important decrease of the yearly service of the debt. After Brussels, will countries like Spain or Italy avoid the Greek contagion? Without exception, every country is aware that it is experiencing an exceptional crisis.
For example, the Italian government has just adopted a fiscal programme that will reduce its deficit to less than 3% from 2012. How many major developed countries, outside Europe, can say that? Spain has started to carry out ambitious reforms, as noted at the meeting on 21 July.