{"id":301012,"date":"2011-03-11T11:38:21","date_gmt":"2011-03-11T11:38:21","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/11\/greece-urges-strong-euro-decision\/"},"modified":"2011-03-11T11:38:21","modified_gmt":"2011-03-11T11:38:21","slug":"greece-urges-strong-euro-decision","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/11\/greece-urges-strong-euro-decision\/","title":{"rendered":"Greece urges strong euro decision"},"content":{"rendered":"

\n \t\t
\n 11 March 2011<\/span>
\nLast updated at <\/span>06:38 ET<\/span>
\n<\/span><\/p>\n

The Greek Prime Minister, George Papandreou, has said that Europe now needed to take strong decisions to calm financial markets.<\/p>\n

Eurozone leaders will meet in Brussels later to try to find a way out of the debt crisis that has dogged the region for more than a year.<\/p>\n

They will discuss a new permanent, extended replacement for the 440bn- euros (\u00a3379m; $614bn) bail-out fund.<\/p>\n

A pact aiming for common economic policies, will also be debated.<\/p>\n

However, the likelihood of any firm decisions being made has diminished due to the need to first talk about the Libyan situation, the BBC’s Europe business correspondent Nigel Cassidy says.<\/p>\n

The markets most keenly want to see signs of progress on making the eurozone’s 440bn euros temporary support facility, the European Financial Stability Facility (EFSF), permanent.<\/p>\n

The new European Stability Mechanism (ESM) – which is designed to replace the EFSF – will have double the current effective lending capacity.<\/p>\n

Weakening<\/span><\/p>\n

\n\tContinue reading the main story<\/a>\t\t<\/p>\n

\u201cStart Quote<\/span><\/h2>\n
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Europe’s lenders don’t like what they are hearing on the Brussels grapevine. \u201d<\/p>\n<\/blockquote>\n

End Quote<\/span><\/p>\n

\t<\/p>\n

\t\n\t\t<\/div>\n

However, a firm decision on the creation of a new permanent bail-out fund is likely to be put back to a broader meeting at the end of this month involving all European Union leaders. <\/p>\n

Mr Papandreou said his country – the first to need bailing out by its eurozone partners and others – had done all it could, and now needed collective action. <\/p>\n

“On the financial eurozone crisis, we are on top of our programme, we have taken the pain to make our economy viable, but now we need European decisions – strong European decisions – to calm the market.” <\/p>\n

Greece and the Republic of Ireland are also expected to press for easier repayment terms.<\/p>\n

The eurogroup chairman, Jean-Claude Juncker, said on Friday he had no reason to doubt the solvency of Greece after its bail-out by the European Union and International Monetary Fund (IMF).<\/p>\n

Common rules<\/span><\/p>\n

Meanwhile, Spain, one of the countries the markets fear may next need a bail-out, this week had its credit rating downgraded – a sign that its ability to pay back its debts is weakening.<\/p>\n

Other moves to safeguard the euro include a new pact on sensitive economic policies, including proposals for lower labour taxes, a common corporate tax base and indexing retirement age to life expectancy.<\/p>\n

A draft communique on this has been prepared. <\/p>\n

Countries including Germany regard differences in taxation and spending between eurozone members as key factors in creating the debt crisis. <\/p>\n

Higher-spending and lower-taxation countries such as Greece, the Republic of Ireland, Spain and Portugal have had to pay more to borrow money than more prudent countries.<\/p>\n<\/p><\/div>\n<\/p>\n

Read more:
\nGreece urges strong euro decision<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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