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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 issues bond, faces opposition to aid schemes AFP - Friday, March 5 Send IM Story Print Greek pensioners force their way through a riot police cordon blocking the way to the prime minister's office in Athens. Greece launched a bond issue to raise desperately needed funds but faced stiffening German opposition to its plea for help and resistance at the European Cental Bank to a possible appeal to the IMF. ATHENS (AFP) - – Greece launched a bond issue Thursday to raise desperately needed funds but faced stiffening German opposition to its plea for help and resistance at the European Cental Bank to a possible appeal to the IMF. The government was likewise confronting mounting anger at home directed at tough new austerity measures aimed at curbing its huge debt and public deficit and restoring its tattered credibility on bond markets. Unions called for a barrage of strikes and work stoppages Friday. The government meanwhile attracted offers amounting to about 15 billion euros (20.5 billion dollars) a 10-year bond issued on Thursday, a day before Prime Minister George Papandreou was to travel to Berlin for crunch talks with German Chancellor Angela Merkel. "We are satisfied because there is high demand and this means something, it is an indication," Greek government spokesman George Petalotis told reporters. Related article: Greece unveils major cost cutting scheme Greece intended Papandreou's meeting with Merkel, and another with French President Nicolas Sarkozy on Sunday, to send a message to markets that the main European economies stand behind Athens in its effort to save its economy. But the German government warned Thursday that Athens had to count on its own efforts after rattling the eurozone with a controversy over faulty statistics late last year and an accumulated debt of nearly 300 billion euros. "The rules are that each country must solve its problems. That's the status," German Economy Minister Rainer Bruederle told reporters. Greece has sought to crank up the pressure by suggesting it could shame its eurozone peers by turning to the International Monetary Fund for assistance if none was to come from the European Union and the European Central Bank. "(An appeal to the International Monetary Fund) could cost in psychological and sentimental terms, and we hope not to reach this point," Petalotis told state radio Net earlier on Thursday. "But it is a possibility that nobody can exclude," he said. "We want a strong signal to markets, that Greece is not a country under collapse...we feel the EU will give this signal," Petalotis said. But a few hours later, ECB president Jean-Claude Trichet said dismissed IMF financial aid for Greece as inappropriate. "I do not trust that it would be appropriate to have the introduction of the IMF as a supplier of help through stand by or through any kind of such help" to Greece, Trichet told a press conference in Frankfurt following a meeting of ECB policymakers. Credit rating agencies sharply downgraded Greece late last year after the Socialist government revealed that the previous Conservative administration had grossly under-reported the country's public deficit in its reports to the EU. The government hoped to calm jittery markets and ease its steep borrowing rates with a 4.8-billion-euro (6.5-billion-dollar) austerity wave it unveiled on Wednesday. The cutbacks, amounting to about 2.0 percent of output, entailed increased sales, tobacco and alcohol taxes and cuts to public sector holiday allowances. Pensions were also frozen. Thursday's bond issue was intended to garner five billion euros and was oversubscribed at about 15 billion euros, the head of European sovereign debt at HSBC, Frederic Gabizon, told AFP. But he added that the yield, or rate, at which the bonds were being sold was more important than the over-subscription. This appeared more favourable for Greece than had been expected, as it was 300 basis points, or three percentage points, above the reference rate for bond issues in the eurozone instead of 310 basis points as the managing banks had expected. But the proposed austerity programme has triggered an angry response from unions. The General Confederation of Greek Workers (GSEE), which represents around a million members, and the 300,000-member civil servant union ADEDY, respectively called for three and four-hour stoppages Friday to oppose the measures. Flights through Greece will be hit with a 1000-1400 GMT work stoppage by air traffic controllers, while Athens buses and trams will halt for the entire day. Rail employees and sailors were expected to clarify their own stance later on Thursday. Demonstrations by Communist workers, leftists and unions will be held outside parliament when austerity cuts are voted into into law. Police officers, included in the pay cuts, have been invited by their syndicate to join protests in Athens and other cities. On Thursday, three hundred communist union members invaded the finance ministry, and unemployed staff from former state carrier Olympic Airlines occupied the state accounting office. 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