Greece Appeals to European Governments for Support

Greek Prime Minister George Papandreou has said his country will need the support of European governments as it tackles their high debt levels but stressed they would not be looking for a financial bail-out, saying “Our problem is our problem, our responsibility.”

Papandreou was appealing for the opportunity “to borrow on the same terms as other countries in the eurozone.” He said that Greece had a program in place that  would cut their debt levels within three years but for that program to be implemented effectively they would need help.

As part of that program Greece plans to reduce its deficit from 12.7% of its annual GDP to 2.8% within three years.

The Greek PM was addressing the high interest rates currently facing the country, saying they make it nearly impossible for Greece to manage the situation.

Papandreou went on to say that while the current financial mess facing Greece was their problem he pointed more directly to the previous administration’s policies that buried the country in debt. Earlier this week European leaders told Greece they would need to make serious cuts to their spending or they could face sanctions.

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