Greek media blame EU for delay in rescuing Greek economy

20:51, April 28, 2010      

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Greek media on Wednesday blamed the European Union (EU) and Germany for the long delay in rescuing the troubled Greek economy, as the 10-year bond spread between Greece and Germany crossed the psychological limit of 1,000 basis points.

The difference in the borrowing costs for Greece and Germany reached 1,012 basis points on Wednesday morning, fuelling fears of a domino effect across Europe.

There seems to be no limit anymore, Greek media reported, linking the new record with Tuesday's downgrade of the country's credit ability rating to the "junk" level.

They warned that speculators would attack other southern European countries after Greece.

"Europe bears responsibility. The EU could guarantee right from the start that in the extreme case Greece would not be able to pay its debts, an effective safety net would be activated. But that did not happen," TANEA (The News) daily said in an editorial.

"For weeks Europe did not manage the crisis, and Germany and Chancellor Angela Merkel bore a large part of responsibility," the article said.

Greece was seeking as much as 45 billion euros (60 billion U.S. dollars) in emergency loans from euro zone governments and the International Monetary Fund this year.



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