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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`s interview in “Guardian”

“Greece is on a normalised road,” Prime Minister George Papandreou said in an interview in the UK newspaper The Guardian, noting that in the nine months since his government took office “it has been crisis management, day in, day out,” and stressing that, in politics “you have to make tough decisions.”
In the interview, titled “Reinvigorating Greece is an Olympian task,” concerning the reactions to the austerity measures, the premier admits that “naturally I feel very bad that we had to take these measures and that our financial sovereignty is under the tutelage of the so-called troika (the EU, International Monetary Fund and European Central Bank).”
“It’s not a happy state to be in, and the most painful thing is to take measures against people who were not responsible for the crisis,” Papandreou said. He goes on to explain that the option for the country was to default, or take these measures.
(GREEK NEWS AGENDA)

Stability programme on “the right track”

The team of experts from the so-called “troika” (European Commission, the International Monetary Fund and the European Central Bank), after completing their monitoring of the progress of the stability programme, said that the latter is “on track on all of the dimensions.”
 The government is ahead of the deficit reduction target set in the plan for this year and tax hikes are boosting revenues, according to the team.
The government is also making progress on more long-term economic reforms, which can help its future finances, they added.
Meanwhile, Prime Minister George Papandreou, who attended the European Union Summit in Brussels yesterday, underlined that “his government is determined to go ahead with important and difficult reforms,” in order to put the country on the right path for achieving its goals. 
(GREEK NEWS AGENDA)

PM George Papandreou Interview at “Politique Internationale”

Few countries have suffered from the global economic crisis as much as Greece. Not only did it feel the full force of the financial earthquake, but it also found itself under attack by international speculators.
Today, as the IMF and the European Union prepare to help, the country is licking its wounds and trying to understand how things got so bad.
George Papandreou is not the last to ask the question. Elected prime minister in October 2009, the leader of the Pan-Hellenic Socialist Movement (PASOK) is fiercely critical of the previous center-right New Democracy administration, which he believes is guilty of setting up a system of cronyism and of knowingly underestimating the public debt and budget deficit. But the new head of government is an energetic man.
In this exclusive interview, he outlines his strategy for resolving his country’s daunting problems.
http://www.politiqueinternationale.com/revue/article.php?id_revue=127&id=901&content=synopsis

PM: “We`re on a new Odyssey for Hellenism

(GREEK NEWS AGENDA) On April 23, Prime Minister George Papandreou formally requested financial support from the EU and the IMF.
“It is a national and pressing need to formally ask our EU partners for the activation of the support package that we jointly created,” Papandreou said in a televised statement from the southeastern island of Kastellorizo, where he was on a visit.
“We are on a tough course, a new Odyssey for Hellenism. But we now know the way to Ithaca and have chartered our course. Ahead of us lies a journey, a demanding journey for us all, but with a new, collective conscience and joint efforts we shall reach our destination safely… Our final goal, our final destination is to liberate Greece from supervision and trusteeship.”

PM George Papandreou at Europarliament

(GREEK NEWS AGENDA) “If we appeal to the IMF, they will ask us for nothing more (no extra measures). But I would prefer a European solution. I would prefer a European solution as part of the eurozone, as a European, as an ardent European myself, and being able to show the world that Europe can act together,” Prime Minister George A. Papandreou said yesterday addressing the Special Committee on the Financial, Economic and Social Crisis of the European Parliament.
He further noted that, in the debate that goes around the world whether Europe will fail or whether Europe is on the map, more Europe rather than less is needed.

Regarding the financial situation in Greece, the premier stressed that “we are not asking for help, as some reckless country just wanting to live off the wealth of others.[…] What we are saying is we need the strong political support in order to make these necessary reforms, making sure that we are not going to pay more than necessary in order to get these reforms enacted.”
See also: President of the European Parliament, Buzek on the meeting with Prime Minister of Greece ; Common statement by Elmar Brok MEP, Marietta Giannakou MEP and Ioannis Kasoulides MEP; Othmar Karas MEP, “Greece is not begging for money
Alliance of Liberals and Democrats for Europe (ALDE Group), Papandreou outlines austerity to EP special committee ; Guy Verhofstadt (ALDE President) Angela Merkel’s lack of solidarity with Greece is shocking, states Guy Verhofstadt

PM George Papandreou at the World Economic Forum

(GREEK NEWS AGENDA) Speaking as part of a panel – that also included Spanish Prime Minister Jose Luis Zapatero and European Central Bank President Jean-Claude Trichet – at the annual World Economic Forum taking place in Davos, Switzerland (January 27 -31), Prime Minister George Papandreou said that Greece would not leave the euro area and would use the discipline of membership to slash its budget deficit and make long-delayed structural economic reforms. “The answer is very simple. We went [to the market] for borrowing two days ago and we were five times oversubscribed. We’re not looking for money from anywhere else…” said Papandreou. He outlined an ambitious goal to reduce the deficit by four points this year and bring it below 3% by 2012, through measures taken as part of Greece’s Stability and Growth Programme (SGP)
The premier held a meeting with EU Economic and Monetary Affairs Commissioner Joaquin Almunia yesterday, and the discussion focused on Greece’s SGP in light of the report that the European Commission will be submitting on February 3, on Greece. 
European Commission President Jose Manuel Barroso – speaking in Brussels on Thursday – stressed the need for the greater coordination of economic policies in the EU, emphasising that economic policies are not only a national issue, but European as well. Referring to Greece specifically, he expressed the conviction that the Greek government must be supported in its effort to fulfil its commitments in the framework of the SGP. 
See world reports – BBC.co.uk: Davos 2010: Greece denies a bail-out is needed; Reuters.com: Greece says being targeted as euro zone “weak link”