Greece seeks comprehensive solution to debt crisis

10:52, July 13, 2011      

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Greece would work out a "crystal clear" comprehensive solution to its debt crisis by September, said Greek Deputy Prime Minister and Finance Minister Evangelos Venizelos on Tuesday.

"We are open to all scenarios," said Venizelos during a press conference held at the Finance Ministry upon his return from the latest Eurogroup ministerial meeting in Brussels.

Despite the mounting contagion risk over eurozone, Greece has been searching a comprehensive plan that will guarantee long-term sustainability through lower interest rates, an extension of the repayment periodand the stability of its financial system, said the Greek official.

In the meantime, Greece would step up necessary structural reforms and the implementation of a multi-billion euro privatization program, added Venizelos.

Venizelos also noted that Greece has been used as a scapegoat for the lingering debt crisis.

"Everybody knows by now that Greece is not the issue. Whatever we do as a country, markets will never stop the pressure. Greece has become a laboratory to test the euro zone's strength. By protecting Greece, euro zone protects itself eventually," he stressed.

Venizelos called on his European partners to reach an agreement on the second bailout package to Greece by late August, in time for the release of the sixth tranche of the first aid package to Athens by Sept. 15.

Greece escaped default last spring through a multi-billion-euro aid pact by European Union (EU) and International Monetary Fund (IMF), but still faces enormous market pressure. Without further foreign aid Greece would be on the verge of bankruptcy this July.

As European counterparts still argued over the involvement of the private holders of Greek bonds into the effort to solve the Greek crisis, international credit ratings agencies fuel scenarios of a selective default lately.

"The term itself should not scare people, since it is not an actual default, a real credit event, but only a perception. We must not allow any perception evolve into reality," said Venizelos.

Venizelos also announced that shortly afterwards his counterparts would receive a letter from the Greek government, informing them the relevant bids.

Source: Xinhua
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