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Greek PM calls for "viable solution" to Greek debt crisis

(Xinhua)

08:50, October 17, 2011

ATHENS, Oct. 16 (Xinhua) -- Greek Prime Minister George Papandreou on Sunday called on European counterparts for a "viable solution" to the Greek debt crisis, in order to avert a potentially catastrophic Greek default that would drag down the entire eurozone.

Ahead of a crucial EU summit in Brussels next weekend, the Greek Premier said in an interview with Sunday's Greek daily "Proto Thema" (Top Story) that his government was struggling to tackle the crisis, but could not make it without the vital international support.

"I would like to guarantee Greek people a swift solution... but I can't," he said, warning that a failure would cause a "real catastrophe" in Greece with unpredictable consequences for the European common currency area.

Without the next tranche of a multi-billion euro EU/International Monetary Fund rescue loans Athens secure in May 2010 in return for unpopular reforms, debt-laden Greece could run out of cash next month.

However, after more than a year of painful austerity, the situation in Greece remained bleak, as the country desperately sought a way out of of the crisis amidst scenarios of a further "haircut" on top the 21 percent agreed in the July 21 eurozone summit over a second bailout package to Greece.

"Greece is not Atlas who can bear all European problems on its shoulders. No European country could, not even Germany," said Papandreou, referring to the Greek mythology hero who was punished to bear heaven on his shoulders.


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