|(GREEK NEWS AGENDA) Greece has no current need for credit and the excessive pessimism of the financial markets is unjustified, Finance Minister George Papaconstantinou told German weekly Der Spiegel, in an interview.
He added that while Greek spreads had soared this week, they would narrow once again, when Greece had proven that it was doing all it could, to improve the country’s financial situation.
“We are in a very serious fiscal situation, we have debts with a dangerous dynamic,” said the minister. “But we have a new government that clearly recognizes the problem. With our savings programme, we will reduce the deficit in the coming year by 3.6 percentage points.”
Papaconstantinou further said that there was no reason for Greece to ask for help from the International Monetary Fund. Instead, it would solve its problems inside the European Union and according to the bloc’s rules. Greece would release a new bond at the beginning of January, he concluded.
On Friday, Greek Prime Minister George Papandreou said Greece would meet its debt obligations and planned to reduce its budget deficit to below 3 percent of GDP within four years, sending bond yields lower. Today, the premier is expected to announce the measures, his government plans to implement, following talks with representatives of labour unions and business groups.
Foreign and Currency News: Greece has no urgent credit need – Greek Finmin
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