Skip to comments.Greece asks for help in tackling public debt
Posted on 05/08/2011 2:22:53 AM PDT by bruinbirdman
Greece has pleaded for more help in tackling the mountain of public debt it has accrued, a request likely to result in a restructuring of the 110bn (£95bn) rescue package it was granted last year.
Greek officials approached the country's eurozone partners at an unscheduled meeting of European Union finance ministers on Friday.
Afterwards, Jean-Claude Juncker, Luxembourg's prime minister who chairs the group of euro-area finance ministers, acknowledged the Greek government was struggling to reduce a 327bn sovereign debt pile which equates to 160pc of national output.
"We think that Greece does need a further adjustment programme, this has to be discussed in detail," he said, referring to a meeting of European finance ministers scheduled later this month.
Greek bonds have fallen heavily since Portugal became the third eurozone member to seek a rescue package last month.
Reports in Germany even suggest Greece is planning to exit the euro and reintroduce its own currency, which some analysts suggested might be in its best interests.
But on Saturday Mr Juncker said: "We're not discussing the exit of Greece from the euro area. This is a stupid idea no way. We don't want to have the euro area exploding without any reasons."
Any restructuring is likely to see the terms of the loans Greece received extended and borrowing rates reduced.
Greece was the first member of the single currency bloc to fall in May last year, when it accepted a 110bn rescue package.
Ireland followed in November with 67.5bn of external help, and Portugal last month agreed in principle to an 80bn deal.
Greece has since had the interest rate on the emergency loan cut, in return for pushing through further austerity measures.
Speaking on Saturday, the Greek Prime Minister reacted angrily to reports that Greece was
(Excerpt) Read more at telegraph.co.uk ...
USA NEXT! ! ! ! ! !
But don't ask again!
SPEND LESS MONEY!!!!
Looks like they ran out of Other-People’s-Money.
And raised up a generation of “I am OWED a living” anarchist / marxist youts. And by youts I mean under about 35, maybe 55.
“Greece has pleaded for more help in tackling the mountain of public debt it has accrued”... just ask Obama, he’ll pay it off and make you solvent, we’re sunk any way.
We spent a few weeks driving around Greece a couple years ago. Lots of men spent the day in most of the cities sitting around, drinking coffee at outside cafes. I guess they are too proud to find work or do anything productive. I think the Germans should work harder so that the Greeks can continue their “culture” of sitting around incessantly. The proud Greeks deserve no less.
California, here we come, .....
kcuF them both.
It will be very painful, but in the long run they will in the front of the pack in rebuilding their currency after all the other nations default: Spain, Portugal to name a few
When EUrabia (esp the Germans) ponies its moral and financial debts to Greece then a discssion has some meaning. Until then all this is just Bi’n and M’in on the EU’s part.
Based on your two weeks of driving around you felt the need to post another stupid myth that barely deserves a response.
You mean like this:
Germans in general find ways to not work: importation of foreign workers and of course the ultimate in laziness: Concentration camps.