PM says worst of Greece's crisis over
By Michael Winfrey |
April 5, 2010, Monday
|
Print Edition
Print Edition
THE worst of Greece's financial crisis is over but the debt-stricken country must tackle cronyism and cut back on waste to emerge a stronger nation, Prime Minister George Papandreou said.
His government has introduced austerity measures and won a financial safety-net from eurozone leaders to help overcome its debt crisis, but continues to face borrowing costs more than double those of heavyweight Germany.
"Credibility for Greece has come back. Of course, those are short-term changes. We have to get down to the deeper changes, which we're already doing," Papandreou told Time magazine, according to a transcript of the interview sent to Reuters.
For the first time since October when his socialist-led administration came to power and revealed the budget deficit had more than doubled the previously announced figure, Papandreou said the peak of the crisis had passed.
"I think the worst is over for the crisis that we've had, the sort of peak of the crisis. But there is a lot of work to be done, difficult work," Papandreou said. Time published excerpts of the interview in its April 12 edition.
Papandreou said the Mediterranean state of 11 million needed to fight corruption, eliminate waste, and decentralize the administration to move away from an abuse-prone system in which officials could dole out favors based on personal connections.
Eurozone leaders and the IMF say the belt-tightening should prevent the crisis deepening, but demonstrations and clashes between protesters and police last year have raised concerns the government may lose its nerve.
"But if we do what is necessary, we'll come out of this stronger and much more viable," Papandreou said.
His government has introduced austerity measures and won a financial safety-net from eurozone leaders to help overcome its debt crisis, but continues to face borrowing costs more than double those of heavyweight Germany.
"Credibility for Greece has come back. Of course, those are short-term changes. We have to get down to the deeper changes, which we're already doing," Papandreou told Time magazine, according to a transcript of the interview sent to Reuters.
For the first time since October when his socialist-led administration came to power and revealed the budget deficit had more than doubled the previously announced figure, Papandreou said the peak of the crisis had passed.
"I think the worst is over for the crisis that we've had, the sort of peak of the crisis. But there is a lot of work to be done, difficult work," Papandreou said. Time published excerpts of the interview in its April 12 edition.
Papandreou said the Mediterranean state of 11 million needed to fight corruption, eliminate waste, and decentralize the administration to move away from an abuse-prone system in which officials could dole out favors based on personal connections.
Eurozone leaders and the IMF say the belt-tightening should prevent the crisis deepening, but demonstrations and clashes between protesters and police last year have raised concerns the government may lose its nerve.
"But if we do what is necessary, we'll come out of this stronger and much more viable," Papandreou said.
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