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Greece will remain united despite all the problems

22 February 2010 / 09:02:48  GRReporter
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This was announced by the Prime Minister Giorgios Papandreou for BBC. Papandreou also tried to reassure investors that Greece will be able to pay its debts by mid-March and that the country is going as planned to meet the stringent measures planned by the government last year. "Greek people showed unity which we have not seen since the Olympic Games in 2004. People want change and about 60% of Greeks agree with the stringent measures we are executing." The Prime Minister also said that now Greece needs political support, not financial assistance from its partners in the eurozone. 

According to Financial Times Greece is close to a second attempt for bond issue. The English newspaper published an article entitled "Greece set for critical test with bond issue" and quoted Athenian bankers, who predict a new wave of bond issue soon.  The reason for these rumors is the appointment of a former commercial banker from the National Bank of Greece Petros Hristodoulou to head the State Debts Agency. This second wave is expected to raise around €5 billion. 

Meanwhile, speculations continue about a possible bankruptcy of the state and what assistance can be provided and by whom. 

"The collective view is that the problem of Greece should be solved in the eurozone and not by the IMF,” said French Finance Minister Christine Lagarde. Reportedly Germany's Chancellor Angela Merkel has prepared a plan for every eurozone country to provide financial assistance to Greece with a total value of €25 billion. Der Spiegel newspaper writes that the plans are for each country to provide resources commensurate with the capital invested by them in the European Bank. 

European investors seemed to have believed that the situation in Greece is going to be okay. Athens Stock Exchange increased with 1.4 percent this week to 1927.6 points. The London FTSE 100 closed with the largest gains - 4.2% or 5358.17 points. Worldwide - Dow Jones closed at 10,402.3 points, with growth of 2.6%. Nasdaq reached 2243.9 points, closing with a growth rate of 3%. In Japan, Nikkei closed with 10,123.5 points or with growth of 0.4 percent for the week.

Tags: Financial Times Angela Merkel Greece Economy Papandreou
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