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Historic decisions for Greece and the Eurozone

Following a marathon negotiating session of European Council on the 26th of October in Brussels, Heads of State and Government of the Eurozone member states agreed on a comprehensive set of measures which reflect their unwavering determinationto overcome together the current difficulties and to take all the necessary steps towards a deeper economic union commensurate with their monetary union.
In particular on Greece, there was an agreement that should secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020. It also includes a voluntary contribution by private creditors, amounting to a nominal discount of 50% on notional Greek debt. Additionally, a new EU-IMF multiannual programme financing up to € 100 billion will be put in place by the end of the year, accompanied by a strengthening of the mechanisms for the monitoring of reforms implementation.
“The debt is absolutely sustainable now,” Papandreou told a press conference, earlier today, after the meeting of euro zone leaders.
“Greece can now settle its accounts with the past, once and for all. […] We can claim that a new day has come for Greece, and not only for Greece but also for Europe,” the premier added.
Primeminister.gr: Papandreou press conference after the euro summit (in Greek); European Council President: Remarks by Herman Van Rompuy following the meeting of the Euro Summit & Statement by President Barroso
(GREEK NEWS AGENDA)

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PM George Papandreou interviews at “El Pais” & “Al Jazeera”

Prime Minister Georges Papandreou was interviewed by the Spanish daily “El Pais” (May 23).

In a three page interview, the premier answered questions regarding the economic situation in Greece noting that the euro-zone has reached a tipping point which will bring it before an “historic reflection period.”
In the case of Greece, the international community did not react in a timely manner, it did not admit that the currency was under attack, and “there was the same fear as when a buffalo leaves the herd.”
Today, the country’s austerity plan is on the right track, but it is not enough if it is to be left without European support. For Papandreou, the support is necessary for all members so to act as deterrent of speculation. “Spain and Portugal were not in a bad situation yet they fell victims of the ambient hysteria.”
In related news, in an interview with Al Jazeera’s Barnaby Phillips  on May 20 in Athens, Papandreou said that Greece will eventually emerge from the crisis with a more viable economy, determined to say “never again.”   
(GREEK NEWS AGENDA)