The Hellenic Radio (ERA): News in English, 10-03-08

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] G. Papandreou: Both Sides of Atlantic Should Join Forces

Greek Prime Minister George Papandreou, who is holding crucial meetings in the USA, stressed that the fiscal crisis has global dimensions and not just European. On Tuesday, the Greek head of government is to meet with US President Barack Obama. Later on the same day, he is meeting with US Secretary of State Hillary Clinton.

Addressing the noted Brookings Institution, George Papandreou underlined that the crisis is a global one and that the fiscal crisis is not only plaguing Greece. He then went on to add that both sides of the Atlantic should join their forces to tackle the crisis. Papandreou also stressed that the ongoing crisis gives Greece the chance to modernize and revive its administration and development mechanisms.

The Greek Premier spoke of interdependent markets and a complex global financial system that have to lead to deep and bold changes so that the market's global power can be controlled.

Urging the G20 nations to lead a campaign against speculators before a second global turmoil erupts, Papandreou argued: "We need crystal clear rules regarding the open sales and credit default swaps. I hope there will be a positive response from this side of the Atlantic, so that this initiative can be promoted to the G20. Unless the European crisis is addressed, a new global fiscal crisis could emerge."

Touching on Greece, George Papandreou said that after the elections he came to realize that the budget deficit was virtually double compared to what his predecessors had been saying. He then pledged to deal with the problems plaguing Greece for years.

Shifting his attention to the measures taken by his government, Papandreou called them touch yet necessary. He argued that they aiming at fixing the country's fiscal problems and restoring Greece's credibility.

Source: NET 105.8, ANA

Σχετικό άρθρο: Κρίσιμες επαφές Παπανδρέου στις ΗΠΑ News item: 34115

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