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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap EU's Barroso says confident Greece will contain crisis AFP - 1 hour 40 minutes ago Send IM Story Print European Commission President Jose Manuel Barroso said Friday he was confident Greece's debt crisis could be contained with help from a planned bailout by Europe and the International Monetary Fund. BEIJING (AFP) - – European Commission President Jose Manuel Barroso said Friday he was confident Greece's debt crisis could be contained with help from a planned bailout by Europe and the International Monetary Fund. Greece is in negotiations with the European Union and the International Monetary Fund on a financial bailout that its government says is desperately needed by May 19 in order to avoid a devastating debt default. "I'm confident that the talks will be concluded soon, meaning in the next days," Barroso told a press conference at the end of his visit to Beijing. "We believe that these solutions will be conducive to our actions and will prevent further possible effects of the contagion." The EU and Greek authorities are making "solid and rapid progress" to finalise an agreement on the bailout, he said. "Greek authorities have stated in very clear terms that they will take all measures needed to correct fiscal imbalances," Barroso said. He was speaking a day after a meeting with Chinese Premier Wen Jiabao during which the two leaders discussed the Greek crisis. Greece has asked the EU and IMF to activate a three-year rescue package worth 45 billion euros (60 billion dollars) this year alone as it faces the May 19 deadline to repay nine billion euros in old debts. The cost of the bailout plan over three years could reach 120 billion euros. Germany has baulked at leading Europe's rescue effort: a bailout for Greece is hugely unpopular there and Chancellor Angela Merkel faces a key regional election on May 9. "The difficulties that we are experiencing now in Greece, and also due to the fiscal position of some of our member states, are going to be overcome, I have no doubt," Barroso said. He also said he and Wen discussed China's foreign exchange policy, amid overseas pressure, particularly from the United States, for Beijing to let its yuan currency appreciate. But the European Commission president indicated he did not push the issue with China, which has so far firmly resisted foreign pressure. "It makes sense to discuss currency stability... and the level of the currency of China, that is the message I conveyed to our Chinese partner and I think that message was clearly understood," Barroso said. "We should discuss the issue of monetary stability. This is not a matter of pressure... in China, pressure will not work." China's trading partners have accused it of keeping the yuan's value artificially low to make Chinese exports more competitive on world markets, at the expense of other countries' exports. Recommend Send IM Story Print News Search Top Stories EU's Barroso says confident Greece will contain crisis Flatulent orange superhero has a blast in British poll Australia plans world-first plain cigarette packets Lady Gaga, Bill Clinton, Lula top Time's influence list Russia cuts key interest rate to new low More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Oscar winner Bullock divorces husband, adopts a baby: People US oil burn begins as wind turns for the worst EU's Barroso says confident Greece will contain crisis Australia plans world-first plain cigarette packets US Senate breaks logjam on Wall Street overhaul More Most Viewed » Aliens may exist but contact would hurt: Hawking Apple engineer loses iPhone prototype French driving veil row escalates Airlines want compensation as Europe's skies reopen More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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