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Greek FM: No Plans to Use Rescue Package

   VOA News 09 April 2010
   Greek  Finance  Minister George Papaconstantinou leaves from a meeting
   with Prime Minister George Papandreou in Athens, 09 Apr 2010

Photo: AP

   Greek  Finance  Minister George Papaconstantinou leaves from a meeting
   with Prime Minister George Papandreou in Athens, 09 Apr 2010

   Greece's  finance  minister says the debt-ridden country does not need
   help to recover from its financial crisis.
   George  Papaconstantinou  said  Friday  that Greece does not intend to
   turn  to  a  back-up  plan by the European Union and the International
   Monetary Fund to help Greece avoid defaulting on its debt.
   However,  he also called the EU-IMF plan an important "safety net" and
   said  officials  are  working out details of how the rescue plan would
   work.
   French  President  Nicolas  Sarkozy  said  Friday  that  all euro zone
   countries  supported  the plan and were ready to put it into action at
   any moment.
   Greece  has  been  trying  to reassure investors that recent austerity
   measures will allow the country to pay back $70 billion in debt.
   The  country  must  raise  $15  billion by the end of May, but nervous
   investors have helped push Greece's borrowing costs to record highs.
   On  Thursday,  Papaconstantinou  said  austerity  measures  helped cut
   Greece's  budget  deficit  by 40 percent for the first three months of
   the year.
   European  Central  Bank  President  Jean-Claude Trichet also expressed
   confidence  in  Greece Thursday, saying, in his words, "default is not
   an issue for Greece."
   Experts  from  the  International  Monetary  Fund  have been in Greece
   advising the country's financial officials on how to enact some of the
   difficult reforms.
   Greek  banking stocks also have fallen, after four of Greece's largest
   banks asked for government help Wednesday.

   Some information for this report was provided by AP and Reuters.

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