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Greek PM: We will need another bailout package in 2012, if…
Posted by keeptalkinggreece in Economy
Greece had one year time to return to the markets, otherwise it would need a new aid package from the IMF/EU/ECB-Troika. This is the message prime minister George Papandreou has reportedly conveyed to German Chancellor Angela Merkel during their talks last Tuesday in Berlin, according to Sunday newspaper To Vima.
“If you don’t take steps to strengthen the support mechanism, we will need another package” Papandreou told Merkel.
Athens considers that the delay in the solution to the European crisis, removes the possibility to raise capital form the markets.
With the markets closed, however the € 57 billion remaining from the bailout package of 110 billion euro are sufficient to meet the borrowing needs of the country in 2011 and part of the following year.
Angela Merkel’s reaction to Papandreou’s demand has been apparently to transfer the dilemma back to the Greek side, demanding full compliance, To Vima stressed.
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