Tuesday, May 10, 2011

'Greece may need more EU financial aid'

Greek Finance Minister George Papaconstantinou

Source: Press TV

Greek Finance Minister George Papaconstantinou has warned that his country may need more hard cash support, from the European Union in particular.

“We need to plan our next steps for 2012 and 2013 so that Greece can either access markets or use the European council's recent decision that enables the European (rescue) fund to buy Greek bonds,” Papaconstantinou said, after G20-Eurozone talks in Luxembourg.

National and specialist financial media each reported that Athens may yet come calling for fresh funds from European Union bailout mechanisms, over and above the 110 billion euros ($160 billion) agreed a year ago.

Without naming its source, French business daily Les Echos said Papaconstantinou secured tacit acceptance that Greece's political backers could make another 20-25 billion available if more cuts and accelerated state sell-offs failed.

The Kathimerini daily said Athens would need "two to four years" more than planned to meet a three-percent-of-GDP EU ceiling, taking the target well beyond the electoral mandates of key partners.

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