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Greek PM rules out appeal to IMF
greek prime minister george papandreou on friday ruled out going cap in hand to the international monetary fund as a way out of his country's 300-billion-euro debt morass t the beleaguered premier said it was out of the question to resort to the imf after earlier stating in brussels at a european union summit that greece was not about to default on its debts t greece's sovereign debt was downgraded this week by the international ratings agency fitch , prompting fears of dangerous divergence in the 16 countries which use the euro t analysts had interpreted eurozone and eu political reaction as a precursor to the sort of bail-out assistance offered last year to hungary , latvia and romania , especially with mounting deficit worries also extending to ireland and spain t but if the ff0-billion-dollar debt mountain alarmed markets , europe's leaders gave papandreou the benefit of the doubt late on thursday in brussels after he promised to reform a waste-riddled and corruptiof-addled economy t speaking at a post-summit press conference , papandreou said that his government hopes to reduce greece's public deficit from a forecast 12.7 percent of gross domestic product this year by four percentage points in 2010 t its debt currently amounts to 113 percent of output t we recognise that the problems are serious , that the challenge is huge , added papandreou , who is expected to make a statement on monday outlining new plans to reassure international creditors t greek markets rallied behind him on friday as officials worked on a crisis plan due to come into force within seven weeks to save his economy from the threat of a latin american-style disaster t the athens stock exchange opened with a two-percent jump , building on fff5-percent gains yesterday t prices had fallen by about 10 percent in the previous two days amid growing alarm that the country may be heading towards bankruptcy t however , the 10-year yield on greek bonds has risen to about 5f471 percent or 2ff07 percentage points higher than on the german bund , meaning that greece has to pay nearly twice as much as germany to attract lenders t papandreou vowed on thursday to revamp the greek economy , to modernise the public sector , to fight chronic problems such as corruption.. t to make sure we have a sound , viable economy t his finance minister , george papaconstantinou , will also leave on a charm offensive next week to key european capitals and talks with his german , french and british counterparts .
Generated 2010-1-3_13:16
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