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Europe is not ready to financially support Greece

16 March 2010 / 15:03:55  GRReporter
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Europe is not ready to give a specific outline of possible financial assistance to Greece, to ensure its stability in front of the international markets. This became clear after one more meeting of EUROGROUP - member countries of the eurozone. Although the new restrictive measures of the PASOK government were greeted positively, eurozone finance ministers could not reach political decisions for the financial support of Greece. 

"The message to international markets is not that Greece will receive financial assistance in any case, but only if it needs it," said EUROGROUP President Jean-Claude Juncker after the meeting. He said the "Greek topic" will be discussed at government level by the European Union at the end of March. If it comes to financially supporting Greece, it will have a bilateral character. Juncker stressed that Greece itself has not yet officially sought financial aid but tries to cope with the financial crisis itself first. 

The position of EUROGROUP according to the official message is that giving financial assistance will be aimed at stabilizing the economy in the Eurozone countries, not just reducing the cost of crediting these countries. European observers support the cost reductions undertaken in the public sector and the increase in excise duties and VAT, together with other additional measures to rescue the local economy. The new changes in the economic policy of the country will regain the confidence of foreign markets and gradually the spread-index will fall to more normal levels. Commissioner for Economic Affairs of the European Union, Olli Rehn did not fail to note that Greece is experiencing serious problems in the degree of competitiveness compared to other European countries. He stressed the need for the Greek government to quickly take measures to raise productivity and thus help to restore positive economic growth in the country.

Tags: EUROGROUP Greece Economy
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