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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 Greece PM says 'not begging' ahead of EU loan AFP - Tuesday, May 18 Send IM Story Print A fire-bomb attack on a bank in Greece has killed at least three people as police fought pitched battles with striking protestors furious at brutal budget cuts designed to avert national bankruptcy. Duration: 01:57 ATHENS (AFP) - – Greek Prime Minister George Papandreou on Monday said his debt-hit country is "not begging for alms" as the EU prepared to release a loan instalment to help Athens meet maturing debt payments. "We are not begging for alms," Papandreou told German daily Handelsblatt in an interview published on Monday. "We are asking for loans which will be repaid at high interest. Greece constitutes a good investment, of this I am certain," he said. On Tuesday, Greece is to receive a vital 14.5-billion-euro loan instalment from the European Union a day ahead of maturing debt payments worth nine billion euros, a finance ministry source said, confirming news reports. Greek media and analysts had earlier noted that the loan, part of a giant rescue package worth 110 billion euros (136 billion dollars) from the EU and the IMF, comes in the nick of time to enable Greece to repay a 10-year-bond maturing Wednesday. "The first instalment from the European Union will arrive by Tuesday, at the last minute before the maturing debt payment," top-selling Ta Nea daily said. The Bank of Greece could not immediately provide details on the transaction. "Better at the last minute than never," observed Nikos Skourias, chief investment officer at Athens-based brokers Pegasus. Greece on May 12 drew the first funds from the package, getting 5.5 billion euros from the International Monetary Fund. Athens will receive another nine billion euros in September including 6.5 billion from eurozone members and 2.5 billion from the IMF, the finance ministry said in a newsletter on Monday. A third nine-billion-euro instalment will be made in December in the same way, the ministry said, adding that a first review of Greece's austerity programme is due in the third quarter of 2010. The expected arrival of the funds brought little joy to the Athens stock exchange where the general index dropped 1.4 percent in late afternoon trading. Commenting on a fall over two percent earlier in the day, Skourias pointed to concerns about the broader national debt situation in struggling European economies despite another EU-IMF debt rescue package worth almost one trillion dollars agreed for the eurozone last week. "The markets strongly doubt that this package will provide a long-term solution," he told AFP. "It's an injection of liquidity but not a long-term solution on sovereign debt," he said. Athens is paying a painful price for the unprecedented bailout -- the first involving IMF aid to a member of the eurozone -- with the government forced to slash civil servants' pay and pensions while raising taxes. It is battling to avert default whilst mired in a deepening recession and is trying to rein in a public deficit of over 30 billion euros to prevent a debt mountain of nearly 300 billion euros from growing even higher. "We have clearly proven that we have the political will to deal with this crisis," Papandreou told Handelsblatt on Monday. "No other country has enforced such harsh cuts in recent decades. Do not underestimate our determination." "I believe we can enforce our programme, but we must also ensure that the weakest in our society will not be destroyed," he said. The Greek economy is set to contract by four percent this year and is not expected to return to growth before 2012 according to the finance ministry. The austerity programme has pitted the government against unions who have staged three general strikes in protest and are holding a fourth on Thursday. A poll published Sunday in the Ethnos newspaper found that most Greeks, 58.8 percent, think their country will be able to steer clear of bankruptcy, while 36.6 percent considered default inevitable. While 56.2 percent of the 1,028 people polled by the Marc SA institute considered the austerity measures to be necessary, 87.8 percent judged them to be unfair. IMF chief Dominique Strauss-Kahn said Sunday that European nations took too long to respond to the Greek crisis. "I am convinced that if the problem had been managed in February, the cost would have been less high. But it took too long," Strauss-Kahn told the same newspaper. Recommend Send IM Story Print News Search Top Stories Germany steps up demands for debt cutting campaign Cannes films tap drama of financial crisis Oceans' fish could disappear in 40 years: UN Tube suctioning one-fifth of spewing oil: BP executive Greece PM says 'not begging' ahead of EU loan More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Boy survivor of Libya air crash 'stable but confused' Prudential eyes record takeover of Asian insurer Portugal takes more austerity measures Euro hits four-year dollar low, stocks mixed Asia steps into Cannes spotlight More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Freddie Mac asks for fresh 10.6 billion dollar bailout More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! 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