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tagged: Davos, debt restructure, Economy, George Papandreou, Greece, poor governance, Prime MinisterGreek PM: No Debt Restructure; Poor Governance is the Root of the Problem
Posted by keeptalkinggreece in Economy
Greek Prime Minister George Papandreou sent the message that the country is not moving towards a debt restructure. Speaking at a panel during the World Economic Forum in Davos, Switzerland, Papadnreou said that the country is not going to bankrupt and that the Greek government have taken all the measures to avoid such a possibility.
“We have a road map with many difficult and painful changes in order solve to the debt problem” he said and expressed hope that Greece might be able to return to the markets at the end of 2011.
However he stressed that the rescue mechanism helped Greece yet not enough. The solution of Euro bonds or repayment extension could ease the fears of the markets.
Earlier, he had said that the “Poor governance, not debt, is the root cause of Greece’s problems”
“Debt is not the problem, debt is just a symptom,” Mr. Papandreou told a panel discussion at the World Economic Forum, pointing to the government’s efforts over the last year to deregulate protected professions, improve tax collection and control over public spending.
Mr. Papandreou noted, however, that the bond markets are still as doubtful as ever of Greece’s ability to avoid defaulting on its public debt.
He argued that the government is committed to “doing its homework” but repeated calls for solidarity from the rest of its partners in the euro zone.
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