Sunday, May 8, 2011

Greek PM denies plans to leave Eurozone

Greek Prime Minister George Papandreou, Reuters photo

Source: Press TV

The Greek prime minister says his country has no intention to leave the Eurozone after reports from Germany revealed Greece might leave the common currency.

"These scenarios reach the borderline of criminality, just like yesterday when some again irresponsibly worked to spread fear for various reasons, perhaps also for reasons of speculation," Prime Minister George Papandreou said on Saturday in response to a report by an online news magazine Der Spiegel, Reuters stated.

Papandreou added that no such scenario for Athens to quit the Eurozone has even been discussed.

The Greek prime minister also called on the EU to leave his troubled country alone. On Friday, finance ministers from several Eurozone countries met in Luxembourg to discuss Greece's debt crisis.

This was while Greece and senior EU officials have denied any prospect for Athens to leave the 17-member Eurozone. The news of the country possibly leaving or being kicked out of the Eurozone has led to a sharp fall of the euro against the dollar.

Greek media reported that the EU finance ministers have discussed giving more time to Athens to repay its EUR 110 billion EU-IMF bailout, as well as offering it more lenient deficit reduction measures.

Greece has so far not been able to meet its deficit reduction targets stipulated in the bailout agreement.

Some economists think the country cannot overcome its debt, which stands at more than EUR 340 billion.

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