Debt crisis: Greece could get more time for austerity 12.25 Greek finance minister Yannis Stournaras has also told reporters that the possibility of the country getting more breathing space to meet its budget targets is "on the table." 12.05 The leaders take one more question before ending the press conference to conduct "serious business that means lunch," says Mr Juncker. 12.00 Mario Draghi - who has so far remained silent, is asked his first question. Mr Draghi says that he has seen the "first signs of more normal working [in the markets] but we still have a long way to go." He reminds the press room that all bond buying "needs conditionality - strict and effective conditionality." 11.59 Ms Lagarde says that Greece "has already produced a huge effort, but will have to continue to do so." She adds: There are various ways to adjust. Time is one, and that needs to be considered as an option. 11.55 Luxembourg PM Jean-Claude Juncker says that he doesn't think the troika report on Greece will be available until October. "I don't have the intention to wait until November," he says, "but from a realistic point of view, it will not be possible to take a decision until the first half of October." 11.49 Europe's economic A Team are holding a press conference in Cyprus following their meeting this morning. IMF managing director Christine Lagarde says that the fund welcomes the ECB's decision to create a new bond buying plan. On talk of granting Greece an extension on implementing its austerity measures, she says it is too early to comment "because we are taking stock of what has been done." "Timing" and "implementation" are both worth considering, she says. I would not regard one component without the others. 11.20 Europe could become stuck in an economic "quagmire" that sees it suffer the same fate as Japan, according to Gordon Brown. Writing in a Reuters blog, the former prime minister said that Mario Draghi and the ECB had acted "in the nick of time" to defuse "the market chaos of both a Greek and Spanish crisis." But added: So far so good - but it is not far enough. The net effect of the intervention is to halt contagion, not to end the recession; to stop disintegration, rather than start a recovery that would reverse Europe's downturn. In the week after the market euphoria at the Bank's decision, private investors, worried about who is first to be repaid in a crisis, are not rushing to return and the ECB still has to address the moral hazard it has created by appearing to guarantee 'last resort' funding to countries still likely to go off track. They will now find it difficult to refuse a country support or to push them into an IMF programme. Far more worryingly, France is likely to join half of Europe in a double-dip recession. Without European leaders following on with a swift and vigorous effort to seize the initiative to grow their economies, Europe will continue to struggle. Unemployment rates of ten per cent and over appear to be the new normal and the West will continue to drag the entire world economy, including China, down. As German growth starts to sink to the levels of France, the UK and the euro area, the sense is growing that we are stuck in stagnation for years to come; quagmire is the word that comes to mind. So the loans offered last week by central bankers will be no more than a band-aid unless followed by a growth plan from the politicians. 10.56 Eurogroup finance ministers have also been discussing the idea of giving Athens "more time" to meet its debt targets. Austria's finance minister Maria Fekter said "we will give them the time they need for that but probably not more money." The news comes a day after suggestions that Greece would need a third bail-out. 10.36 it looks like eurozone finance ministers have been having fun in Cyprus this morning: Clockwise from top left: Eurogroup president Jean-Claude Juncker (L) and Irish Finance minister Michael Noonan; French Finance Minister Pierre Moscovici (R) and Spanish counterpart Luis de Guindos; Greek finance minister Ioannis Stournaras (R), EU commissioner for Economic and Monetary Affairs Olli Rehn and IMF Managing Director Christine Lagarde; Mario Draghi (R) with German finance minister Wolfgang Schuble, bottom, ECB board member Jorg Asmussen, and Ms Lagarde. 10.28 Howard Archer at IHS Global Insight comments on today's inflation data: While the ECB won't be pleased with the rise back up to 2.6% in Eurozone consumer price inflation in August, the bank will be reassured to see that the increase was driven by a sharp move back up in energy prices and that core inflation actually moderated. Indeed, the underlying inflationary environment is far from alarming given extended weak economic activity, widespread low capacity utilization and generally muted wage growth amid high and rising Eurozone unemployment. Significantly, latest survey evidence indicates that companies" pricing expectations remain muted. 10.16 Euro-area inflation climbed to an annual rate of 2.6pc in August, from 2.4pc in July, according to Eurostat. Here's how inflation rates compare across the eurozone. It's worth noting that Germany has the second lowest in the 17-nation bloc: August's inflation figure confirms Eurostat's flash estimate last month. 09.59 The Bank of Spain data also showed that Spanish banks' net borrowing from the ECB hit a new record of €388.7bn in August, from €375.5bn in July. 09.51 Spanish public debt rose to 75.9pc of GDP in the second quarter, from 72.9pc in Q1, according to Bank of Spain data. Spain's regional debt burden is now 14.2pc of national output (v.13.8pc), with all 18 of the country's autonomous regions seeing their debt to GDP ratios rise in the three months to June. Catalonia is still the country's most indebted region, with debt at 22pc (v.21.2pc) of its regional GDP. 09.38 Mr Draghi defended the ECB's plans, and said that "not taking action would be much more risky." Overall, we have the risks under control. Not to act would be much more risky. The financial markets need to know that the euro is irreversible. 09.34 Mario Draghi is ready to explain his policies to German MPs if invited to parliament. The ECB president told Germany daily Sueddeutsche Zeitung that an invitation to the Bundestag would be a "good opportunity to explain what we're doing" and allay German concerns over the threat of inflation. Mr Draghi also responded to an attack by German MP Alexander Dobrindt, who last month branded Mr Draghi a "counterfeiter" for launching the ECB's bond buying programme. "I think Mr Dobrindt will change his mind when he sees the results," said Mr Draghi. Fund managers are putting their money back into Europe, which is good for the economy.