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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 Greece will not default or seek IMF aid: PM AFP - Saturday, December 12 Send IM Story Print Greek Prime Minister George Papandreou arrives at an EU summit at the European Council headquarters in Brussels in November. Papandreou on Friday promised that his government would honor its debts and ruled out appealing to the IMF for help as he prepared emergency measures to save the crisis-hit Greek economy. ATHENS (AFP) - – Greek Prime Minister George Papandreou on Friday promised that his government would honor its debts and ruled out appealing to the IMF for help as he prepared emergency measures to save the crisis-hit Greek economy. The newly elected Socialist premier was speaking at an EU summit in Brussels at the end of a turbulent week in which Greek sovereign debt was downgraded, roiling stock markets worldwide and raising fears for the future of the eurozone. Papandreou insisted that Greece was "not about to default on its debts," which now total a record 300 billion euros (442 billion dollars). "We recognise that the problems are serious, that the challenge is huge," added Papandreou, who is expected to make a statement on Monday outlining new plans to reassure international creditors. Those plans do not include a request for aid from the International Monetary Fund. Papandreou declared it was "out of the question to resort to the IMF." Greece's credit downgrade from Fitch Ratings prompted concerns for the solvency of other struggling eurozone members, notably Ireland, Portugal and Spain. Standard and Poor's this week lowered its credit outlook on Portugal and Spain from "stable" to "negative." A team from the third leading ratings agency, Moody's, is expected to visit Athens next week. Europe's leaders gave Papandreou the benefit of the doubt late on Thursday in Brussels after he pledged economic reform, including an attack on corruption. In London Friday European Central Bank president Jean-Claude Trichet also voiced confidence Greece would make the necessary "commensurate" decisions to tackle its massive debt and gaping public deficit. "I consider that it is important that the government will take decisions -- perhaps it is taking decisions at the moment we are speaking -- and (I) have confidence that the government of Greece will take decisions which will be commensurate with the situation," Trichet told reporters. Papandreou acknowledged that the measures he has it mind "will hurt, yes, but they will hurt those that should be hurt." "Our biggest deficit is our credibility deficit," the PM said, vowing to overhaul the country's wasteful public sector and combat endemic corruption that costs billions of euros. "We will enact the changes as fast as possible ... so that Greece, and not its creditors, will be able to rule its own future." The Greek government goes into the weekend with a mission to draft a crisis plan within seven weeks amid strong union doubts. Papandreou has called an all-party meeting next week on combatting corruption, but his recently-elected government is fighting on several fronts. It has to calm financial markets alarmed at the debt, keep promises made overnight to European Union and eurozone leaders, and get a worried nation to accept cutbacks despite strong trade union doubts. Papandreou "presented to us a very frank and open description of the situation in Greece," said European Commission chief Jose Manuel Barroso during a late-night press conference in Brussels on Thursday. "After this evening's discussion, I am fully confident that Greece will succeed in that endeavour," Barroso stressed. The government's credibility has been damaged by a revelation that Greece's public deficit is expected to surge to 12.7 percent of output this year -- well beyond the 3.0 percent limit imposed by the eurzone -- and that debt amounts to 113 percent of gross domestic product. Papandreou is seeking to reassure financial markets and investors who lend money to Greece that new budget proposals to cut spending will be produced within six to seven weeks. "We must all send the message that we will make sacrifices," Angelos Filippidis, the outgoing head of Greece's main postal savings bank Hellenic Postbank, told a news conference. Greek Finance Minister George Papaconstantinou is to lead a charm offensive next week to key European capitals for talks with his German, French and British counterparts. But the markets have shown little patience with the fledgling Socialist government. The 10-year yield on Greek bonds has risen to about 5.471 percent or 2.307 percentage points higher than on the German Bund, meaning that Greece has to pay nearly twice as much as Germany to attract lenders. Greece's influential unions have meanwhile warned the government that they do not intend to roll over and accept painful reforms. "There is no way that workers will pay the cost of the crisis," the spokesman of Greece's main umbrella union GSEE, Stathis Anestis, told AFP. "We want no repercussions for pensions and taxes," he said. The Communists are taking a harsher stance still, calling their affiliated unions to war over the reforms. "This is a theatre. We will sign nothing, we are not going to fall into any traps," Communist party chairman Aleka Papariga said on Friday. 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