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Greek PM Hails Euro-Zone Deal, Pledges To Sell Assets
ATHENS (Dow Jones)--Greek Prime Minister George Papandreou Monday hailed a decision by the heads of the 17 countries that use the euro to ease Greece's loan terms, but warned that much work remains to be done.
"[The decision] was an award for the efforts and sacrifices of the Greek people," Papandreou told journalists after meeting with Greek President Karolos Papoulias. "We won a battle. But the struggle continues."
In May last year, Greece narrowly avoided default with the help of a EUR110 billion loan from the European Union and the International Monetary Fund.
Over the weekend, euro-zone leaders decided to cut the interest rate on that loan by a full percentage point and extend the repayment period for the loan.
They also authorized the European Financial Stability Facility--the EU's temporary bailout fund--to buy new bonds from struggling euro-zone issuers, like Greece, if necessary to help those countries secure financing after being effectively shut out of international markets.
In exchange, Greece has pledged to sell some EUR50 billion in state assets to help bring down the country's public debt burden, now around EUR340 billion and equal to almost 150% of gross domestic product.
"We have significant wealth, which we can exploit in order to lift Greece out of the difficult position it now finds itself in," Papandreou added.
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Come dice il Presidente della Repubblica Ellenica Papoulias: "abbiamo vinto una battaglia, ma la lotta continua"...
ATHENS (Dow Jones)--Greek Prime Minister George Papandreou Monday hailed a decision by the heads of the 17 countries that use the euro to ease Greece's loan terms, but warned that much work remains to be done.
"[The decision] was an award for the efforts and sacrifices of the Greek people," Papandreou told journalists after meeting with Greek President Karolos Papoulias. "We won a battle. But the struggle continues."
In May last year, Greece narrowly avoided default with the help of a EUR110 billion loan from the European Union and the International Monetary Fund.
Over the weekend, euro-zone leaders decided to cut the interest rate on that loan by a full percentage point and extend the repayment period for the loan.
They also authorized the European Financial Stability Facility--the EU's temporary bailout fund--to buy new bonds from struggling euro-zone issuers, like Greece, if necessary to help those countries secure financing after being effectively shut out of international markets.
In exchange, Greece has pledged to sell some EUR50 billion in state assets to help bring down the country's public debt burden, now around EUR340 billion and equal to almost 150% of gross domestic product.
"We have significant wealth, which we can exploit in order to lift Greece out of the difficult position it now finds itself in," Papandreou added.
***
Come dice il Presidente della Repubblica Ellenica Papoulias: "abbiamo vinto una battaglia, ma la lotta continua"...
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Così come serenamente abbiamo assistito nelle scorse settimane alla lenta deriva delle quotazioni, altrettanto serenamente assistiamo adesso ad una loro lenta ripresa. L'europa Politica, come speravo, ha battuto un colpo, piccolo, ma lo ha battuto 
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