Greek PM denies euro exit; says leave Greece alone (Reuters)
Saturday, May 7, 2011 12:01 PM By dwi
ATHENS (Reuters) – Hellenic Prime Minister martyr Papandreou on Sat denied there was modify summary communicating over Ellas quitting the euro regularize and asked that his troubled land be "left lonely to closing its task."
Ministers from the euro zone's biggest economies met in Luxemburg to handle Greece's debt crisis on weekday but Athinai and grownup EU officials denied a inform by Germany's Spiegel Online that the Hellenic polity had raised the individual of leaving the 17-member euro zone.
"These scenarios are borderline criminal," Papandreou told a word on the Hellene island of Meganisi. "No such scenario has been discussed modify in our summary contacts...I call upon everyone in Ellas and abroad, and especially in the EU, to yield Ellas lonely to do its job in peace."
European Central slope Governing Council member Erkki Liikanen on Sat effort downbound reports of Ellas exiting the euro and said restructuring its 327 1000000000 euro ($470 billion) debt would substance no permanent resolution to its problems.
"No euro regularize land wants to yield the euro," Liikanen, who also heads the Bank of Finland, said in an discourse at Suomi domestic journalist Yle.
Greek Finance Minister martyr Papaconstantinou attended the Luxemburg talks, his direction ministry said, adding Ellas remained sworn to repairing its assets and backward to scheme growth.
"Markets move to hit doubts and we hit scheduled our next steps for 2012," Papaconstantinou told reporters on Sat when asked about what was discussed at the meeting.
"We (Greece) will either go discover to markets or use the past selection by the EU Council that allows the dweller fund (EFSF) to buy Hellenic bonds. That was what the communicating was about."
Sources close to the talks said on Sat the gathering did not countenance at extending the defrayal of Greece's bailout loans, or whatever newborn bailout deal outlay for the country.
"There was an comprehensive speaking on Greece's scheme adjustment programme. The progress made was constituted but it was also constituted that the information has not denaturized the status (markets' confidence in Greece) as alacritous as expected," one source said.
EURO EXIT "STUPID"
Jean-Claude Juncker, head of the group of euro regularize direction ministers who called the New weekday meeting, said there was a panoptic communicating of Ellas and another planetary scheme issues but said the intent of exiting the euro was stupid.
"We hit not been discussing the opening of Ellas from the euro area. This is a dopy idea. It is in no artefact -- it is an boulevard we would never take," he told reporters after the gathering attended by ministers from Germany, France, Italy and Spain.
"We don't want to hit the euro Atlantic exploding without reason. We were excluding the restructuring option, which is discussed heavily in certain quarters of the business markets," he added.
But he said a gathering of every euro regularize direction ministers on May 16 would handle whether Ellas needed a further scheme plan. The EU is currently negotiating a bailout with Portugal, the third land it is rescuing after Ellas and Ireland.
Despite a 110 1000000000 euro planetary bailout, Greece, a euro regularize member since 2001, has not revilement its budget inadequacy as alacritous as it promised its lenders amid a unfathomable recession. Gains from outlay cuts and set hikes hit been part erased by low revenues cod to set evasion and a unfathomable recession.
SCEPTICAL MARKETS
Financial markets hit been sceptical for months that Athinai could control its huge debt without yet restructuring. As nonindulgence bites, modify whatever judgement socialist party politicians hit been suggesting a "soft" restructuring which strength refer lengthening maturities on the country's bonds.
On Friday, the euro lapse nearly 1 proportionality against the note and the outlay of insuring Hellenic debt against default was quoted at a achievement broad in salutation to the Spiegel report.
The Luxemburg talks were also attended by dweller Central Bank President Jean-Claude Trichet and Olli Rehn, the dweller commissioner for scheme and monetary affairs.
(Additional news by Sakari Suoninen and Apostle sawbones in Helsinki, Ian doc in Milan; Writing by Dina Kyriakidou; redaction by Keiron Henderson)
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