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Greek Premier: My Country Won’t Need Help With Debt Crisis

February 12th, 2010 · No Comments

It’s all a mistake… 🙂 No, not really, unfortunately. The choices are grim. It’s a catch22 situation. Deep budget cuts and tax hikes will only worsen the already very bad recession in Greece, and that will eat away at much of the budget cuts anyway (as a bigger recession automatically reduces tax receipts and increases government outlays). There are no easy choices here..

Greek Premier: My Country Won’t Need Help With Debt Crisis
Thursday, 11 Feb 2010 03:25 PM

Greek Prime Minister George Papandreou says his country “will not be needing help” amid its debt crisis.

After EU leaders offered political but no financial support to Greece at a summit Thursday, Papandreou said, “Today the EU conveyed a crystal clear message to the market.”

He said Greece convinced his EU partners “we mean business.”

He said Greece “never asked for any help” and added that it “will not be needing help” in the future.

The euro currency is facing its worst crisis in its 11-year history amid the Greek debt crisis and EU leaders are seeking to calm speculation that it could spread to other vulnerable countries.

Papandreou said Greece asked the International Monetary Fund for help on technical issues.

Tags: Credit Crisis