Greece is not looking for a bailout, says Prime Minister

Steve Dinneen
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Greece is not looking for bailout money, according to its Prime Minister George Papandreou.

He instead called for political support to enable Greece to borrow at the same rate as other EU countries.

Papandreou told the BBC: “Give us the time, give us the support – and I’m not talking about financial but political support – in order to show you that what we’re saying is being implemented and we are credible again.

“We don’t have at this point a need for borrowing. Our borrowing needs are covered until mid-March. What we’re saying is simply that we need the help so we can borrow at the same rate at other countries, not at the high rates that undermine the possibility for making the changes [to Greece’s deficit].”

Greece has already vowed to embark on draconian spending cuts to slash its vast budget deficit. It plans to cut the deficit from 12.7 per cent of GDP to 2.8 per cent over the next three years. The nation’s debts are currently more than 100 per cent of its GDP. Last year Greece’s credit rating was slashed to the lowest level in the eurozone.