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Europe Economy Chief Calls for More Steps by Greece

Bloomberg - Feb 15, 2010

The European Union’s top economic official said Greece should take more measures to cut the region’s largest budget deficit as the EU sought details on the country’s use of derivatives to manage its debt.

“We expect that in due course the Greek government will take the necessary additional measures,” EU Economic and Monetary Affairs Commissioner Olli Rehn told reporters in Brussels today before a meeting of EU finance chiefs. Greek Finance Minister George Papaconstantinou said his task was like changing “the course of the Titanic.”

European finance ministers at today’s meeting are reviewing Greece’s deficit plan under pressure from investors to spell out the concrete actions they will take to rescue the country if it fails to convince markets it can control its budget gap. Even as the risk premium on Greek debt fell last week on the prospect of European support, the euro weakened on concerns about the euro region’s stability.

Read Full Article from Bloomberg

- Posted: 2010-02-15 14:16:26

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