Papandreou says Greece needs second bailout quickly

Reuters
July 13, 2011

Greek Prime Minister George Papandreou told a German newspaper that the euro zone and IMF must approve a second bailout for his country quickly to avoid its economic reform plans collapsing.

"The current mood doesn't help us to get through this crisis," Papandreou told the Financial Times Deutschland, in a brief preview of an interview to be published in Thursday's edition.

"This uncertainty scares investors. If we don't get a decision soon supporting the second Greek program so that the country can begin its far-reaching reforms, the program itself could be held up."

The prime minister said he was open to proposals currently being discussed in the euro zone about potentially using the existing euro zone bailout scheme -- the European Financial Stability Facility (EFSF) -- for Greece to buy back its debt.

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