Global General

EU to approve exit plan for Greece from crisis

(Xinhua)
Updated: 2010-02-03 00:58
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Greece's Stability and Growth Program which paves the way out of the economic crisis the EU member country faces, will get the European Commission's "green light" on Wednesday, Greek Finance Minister George Papaconstantinou said on Tuesday, speaking at an economic conference in Athens.

"Tomorrow (Wednesday) the plan will get the green light," said Papaconstantinou, stressing that the Greek government is "absolutely adamant" to proceed to the radical changes needed for the benefit of Greeks.

"Greece must do what it must be done, not because of the EU or international markets pressure, but because we want to create a sound fiscal basis and a more just society," the minister said, adding that changes of this size that reform a whole system "need time." Referring to the ballooning costs of Greek bonds recently, Papaconstantinou noted that "we are witnesses to an obvious speculative game and Greece is a pawn in a larger game which targets the euro itself."

Also expressing confidence that the country's revised Stability and Growth plan will receive a go-ahead by the EU, Greece's Economy, Competitiveness and Shipping Minister Louka Katseli pointed out that the main challenge Athens faces today is the disbelief of EU partners and international markets regarding figures and pledges.

"The way to change this negative climate is the immediate and effective implementation of the program," Katseli said. Stressing that the government aims at taking advantage of all resources and potential, such as its strategically position on the world map and renewable sources of energy, the minister concluded that a main "feasible" target is the attraction of foreign investments.

Along Greece's Prime Minister George Papandreou and Nobel Economics Laureate and Columbia University Professor Joseph Stiglitz, Papaconstantinou and Katseli were among the main speakers at the conference organized by Economist magazine on 2010 world economy in Athens.