EU determined to avoid Greek default -- Juncker (by Christopher Noble)

SAN FRANCISCO (MarketWatch) -- Members of the euro zone will do everything to avoid a Greek debt default, Jean-Claude Juncker, prime minister of Luxembourg and president of the Eurogroup of finance ministers said Monday. Speaking at a late-night news conference broadcast over the Internet, Juncker said no euro-zone country advocated that Greece default on its debt or that it be ejected from the euro. Juncker said a decision on whether to award Greece the next tranche of aid under a European bailout would be made after the Eurogroup received a report from auditors from the European Union, the European Central Bank and the International Monetary Fund, or the so-called troika. He said the Eurogroup did not expect the report before Oct. 13. He also said that Eurogroup members urged the Greek government to take additional measures to cut its deficit. He added that discussions on how to recapitalize Europe's troubled banks made good progress.