October 4, 2011
Greece's embattled prime minister George Papandreou held crisis talks with Germany's chancellor Angela Merkel on Tuesday in a telephone conversation that followed the EU's decision not to disburse further aid to Athens until it implemented crucial reforms.
Fears of an imminent Greek default sent markets into a tailspin amid concerns that it could throw the global economy into a double-dip recession but the socialist leader reassured Merkel that his government was committed to pursuing painful reforms "whatever the political cost".
Berlin is determined that Athens enforces long-overdue fiscal "corrective" measures envisaged as part of a second €109bn (£94bn) rescue package approved for the debt-stricken nation in July – even if eurozone finance ministers now agree that the deal needs to be recrafted in light of Greece's inability to meet its fiscal targets.
More
No comments:
Post a Comment