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Tuesday, 23 March 2010 - Greece wants European solution to debt crisis |
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    Read more with google mobile : Greece wants European solution to debt crisis |

    Edition: U.S. Article Comments (7) Save Email Print Reprints Most Popular Most Shared Florida says several states to file healthcare lawsuit 22 Mar 2010 Republicans target Democrats on US healthcare reform 22 Mar 2010 Republicans target Democrats on healthcare reform 7:31am EDT FACTBOX-US healthcare bill would provide immediate benefits 19 Mar 2010 Cracks in Great Chinese Firewall, even without Google 5:26am EDT FACTBOX-US healthcare bill would provide immediate benefits 19 Mar 2010 Florida says several states to file healthcare lawsuit 22 Mar 2010 Super-sizing the "Last Supper" 6:33am EDT UPDATE 1-Virginia to sue U.S. over healthcare reform 22 Mar 2010 UPDATE 2-Venezuela punishes 80 firms for power use 21 Mar 2010 Healthcare Reform Debate enters new phase Now that the great healthcare debate is finished, it's starting all over again.  Full Article  Health reform leaves Americans split, confused HMOs may hike premiums, slash jobs under reform The buy now, pay later healthcare bill Employers brace for health reform changes Greece wants European solution to debt crisis Harry Papachristou ATHENS Tue Mar 23, 2010 7:57am EDT Related News EU eyes aid deal that satisfies Merkel and Greece 7:57am EDT Broke? Buy a few warships, France tells Greece 7:46am EDT Greece's Finance Minister George Papaconstantinou delivers a speech during an investment conference in Athens March 23, 2010. Credit: Reuters/John Kolesidis ATHENS (Reuters) - Greece wants a European solution to its debt crisis and expects positive results from a European Union summit on March 25-26, Finance Minister George Papaconstantinou said on Tuesday. World Germany and its EU partners are in disagreement over financial support for Greece, whose debt load is seen hitting 120.4 percent of gross domestic product (GDP) this year. On Monday Chancellor Angela Merkel continued to rebuff calls for a support deal this week. "Greece is not going to the EU summit as a beggar. There must be a political mechanism to ensure the stability of the euro zone and support the efforts made by every country," Papaconstantinou told an investment conference in Athens. "We want a European solution," he said. Merkel, facing opposition in Germany to any bailout for Greece, has said there is no need to discuss an aid mechanism at the summit starting on Thursday since Athens has not sought help and that aid would only be a last resort in a case of insolvency. Papaconstantinou would not go into details regarding the shape financial support could take. "The worst thing you can do before a summit is to make predictions and scenarios," he said. He reiterated the government's position that Greece faces no problem funding its debt via financial markets but that it wants to do so at lower borrowing costs. Greece is paying about twice the rate Germany pays to refinance maturing debt. The premium investors demand to hold Greek government debt rather than euro zone benchmark Bunds tightened after Papaconstantinou's comments. The Greek/German 10-year bond yield spread narrowed to 330 basis points from around 344 bps at Monday's settlement close. "We want to play by euro zone rules. Greece has full access to financial markets as it proved with its recent 10-year bond sale. Obviously, we would like the spreads to fall but I believe this will gradually happen as the stability program is implemented," Papaconstantinou said. Papaconstantinou reiterated data released two weeks ago showing that in the first two months of the year the central government deficit narrowed by 77 percent, with revenues increasing 13 percent and spending falling by about 10 percent. "Does this mean this very good trend will continue over the next months? Nothing is certain but we are starting from a good base," he said. The figures, which include a one-off corporate levy cashed in the first two months of the year, refer to the central government deficit, not the general government shortfall measured under euro zone rules. They therefore do not offer a complete picture. The general government deficit includes hefty spending areas such as welfare and pension payments. (Reporting by Harry Papachristou; Writing by George Georgiopoulos and Ingrid Melander; Editing by Ruth Pitchford) World Comments See All Comments (7)  |  Post Comment Mar 23, 2010 4:51am EDT I cant understand these greeks. What do they want? They got money and they ate it. Now they have a problem and they need help but not really but actually they have a crisis. They need money and a lot of it and they shouls start by cleaning their country first. Trikeriotis Report As Abusive     Mar 23, 2010 6:19am EDT It is quite possible that Greece’s next bond auction fails. Who is going to buy ‘risky’ Greece when during the remainder of this year their will be many billions of dollars up for purchase from most other EU countries? Without the IMF or EU I do think Greece will now be unable to sell its bonds. Their are juicer and safer pastures with Italy and Spain to come not to mention French. However if Greece fails these other countries will suffer higher margins. EU needs to provide a definitive solution for Greece soon otherwise total confidence will be lost in the EU, and EU cost of funding will increase thereafter. Kina Report As Abusive     Mar 23, 2010 7:02am EDT Lack of clarity coming from the EU is just classic Story_Burn Report As Abusive     Mar 23, 2010 8:17am EDT Greece is in financial mess, but is denying that it needs aid. Why hide ailment when u hv gone to the doctor for treatment? Do they think it will do them any better? I think that the solution to each and every problem begins with acceptance that there is a problem in the first place that needs correction. milkel Report As Abusive     Mar 23, 2010 8:40am EDT people are not realising the hidden danger in bailing out Greece : Other such countries in the Eurozone will immediately line up for similar treatment, which can be counter-productive. Secondly, the speculators will become more aggressive about the debts of other such countries like Spain, Italy and Portugal. This may become just too much of a burden. Incidentally, an Italian friend was complaining that joining the Eurozone did no good at all to Italy, on the contrary the prices rose suddenly reducing the real incomes of people drastically. At that time the more prominent members of EU Germany, et al, benefitted by reduced prices. I think now’s the payback time for them…let us see how long this three-legged race continues….. milkel Report As Abusive     Mar 23, 2010 10:19am EDT The cunning greeks want to eat more money, be careful. cpgp Report As Abusive     Mar 23, 2010 10:22am EDT milkel – I have heard the same from Greeks who state that their economy got worse with the EU. The Greeks are in an unfortunate position in that they are not a manufacturing country. They rely on tourism and exporting some agricultural products. American tourism has dropped considerably with the drop in the value of the dollar. I used to visit frequently but can no longer afford it. AlexVallas Report As Abusive       See All Comments (7)       Add a Comment More from Reuters Obama to sign healthcare overhaul into law WASHINGTON (Reuters) - President Barack Obama will sign into law on Tuesday landmark healthcare legislation, a hard-fought victory that will help shape his legacy and the Democrats' chances of holding power in Congress. | Video Home sales dip, credit-related surge eyed Google risks China's ire with slap to censorship | Video Wall Street edges up after home sales data | Video Fed's Plosser: better rules needed to manage risk Germany sets tough terms for EU help for Greece | Video » More Top News Bracing for the healthcare hit Companies still shaking off the sour economy will now deal with what some are calling a "tax bill wrapped up in healthcare paper."  Full Article | Video  What the bill means for small business HMOs may hike premiums, slash jobs Healthcare overhaul: The good news Healthcare Reform No Facebook? There's still porn People outside China who have read about Internet censorship often imagine online life there is bleak and boring. The reality is very different.  Full Article  Google risks Beijing's ire Google units exposed to angry Beijing Timeline: Google moves to Hong Kong What's next for China Google workers? Google © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index   Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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