Reuters
December 2, 2011
The euro zone needs more fiscal convergence to better deal with its growing debt crisis, Greek Prime Minister Lucas Papademos said on Friday, vowing to protect Athens' interests in complex debt swap talks.
A December 9 EU summit is seen by many investors as possibly the last chance to avert a breakdown of the single currency area, but German Chancellor Angela Merkel said on Friday that the "marathon" crisis will not be solved in one fell swoop.
"It is important that the spread of the crisis in the euro zone is dealt with effectively, with greater progress in fiscal convergence and bolstering of economic governance in Europe," Papademos told lawmakers.
The new prime minister said the ECB's intervention in bond markets had helped Greek banks and that the government was working to protect Greece's interests in ongoing debt swap talks aimed at cutting the country's debt mountain.
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