Reuters
July 12, 2011
Greece must unite behind its austerity plan to secure a stronger bargaining position on the world financial stage, its finance minister said on Tuesday but his deputy cast doubt on important privatization targets.
Euro zone finance ministers completed talks in Brussels on Monday promising cheaper loans, longer maturities and a more flexible rescue fund to help Greece and other EU debtors and stop financial contagion.
But at the same time they acknowledged for the first time that some form of default may be needed to cut Greece's huge debt burden and secure economic recovery. The government has committed to austerity measures to secure rescue funds.
"We must implement the program in a climate of national unity and social cohesion, it is a prerequisite for a stronger bargaining position," Finance Minister Evangelos Venizelos said, underlining his calls for political consensus in a statement issued after the Eurogroup talks in Brussels.
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