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‘Greece’s borrowing needs covered until mid-March’

‘Greece’s borrowing needs covered until mid-March’
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First Published: Sun, Feb 21 2010. 11 46 PM IST

Seeking political support: Greek Prime Minister George Papandreou. Jock Fistick/Bloomberg
Seeking political support: Greek Prime Minister George Papandreou. Jock Fistick/Bloomberg
Updated: Sun, Feb 21 2010. 11 46 PM IST
London: Greece’s borrowing needs are covered until mid-March and Athens so far is meeting goals set out in an austerity plan, Greek Prime Minister George Papandreou said in an interview with BBC television broadcast on Sunday.
Market concerns about Greece’s debt pile have hit the euro in recent weeks.
“At this point we don’t have a need for borrowing, our borrowing needs are covered until mid-March,” he said in response to a question on whether there would be any new Greek bond issuance next week.
Seeking political support: Greek Prime Minister George Papandreou. Jock Fistick/Bloomberg
Papandreou said that despite street demonstrations against austerity measures his government has taken to tackle the debt crisis, he believed there was broad support in Greek society for painful economic reforms.
“Even though there are austerity measures and they do hurt, we have the support right now for the austerity measures, which is around 50-60% of the population, and the government also has that support,” Papandreou said.
“What we’re seeing here, and I haven’t seen this except during the Olympic Games in 2004, is a real sense of unity by the Greek people of wanting to make a change,” he said, blaming the previous administration for Greece’s debt woes.
Papandreou said European Union (EU) partners should continue to offer political support to Athens as it battles to get its public finances back onto a sustainable path.
“Let us together with the EU authorities, the European Commission and the European Central Bank, let’s sit down, let’s look at how our progress is doing, how we’re doing in the stability and growth plan that we have tabled,” he said. “We’re on target, beyond target on January statistics so we’re doing well. If we do need extra measures, we will take extra measures in order to reduce our deficit this year by 4%. We’re ready to do so if necessary.” Papandreou said that while Greece was not asking for financial support from EU partners, it did need strong political backing as it battled to restore its credibility.
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First Published: Sun, Feb 21 2010. 11 46 PM IST
More Topics: Greece | Borrowing | Debt | George Papandreou | Euro |