Prime Minister George Papandreou told his cabinet earlier Wednesday that his government is negotiating “in any way possible” to reduce the country’s mammoth debt burden.
“We are negotiating in any way possible to reduce the debt… It’s a big negotiation and that’s where the big problem lies,” he said, according to minutes of the meeting made available by Papandreou’s office.
He didn’t give further details.
There is growing speculation that the private sector will be asked to make a higher contribution to Greece’s second bailout package but the Greek prime minister didn’t comment on that.
However, Papandreou said Greece cannot continue running budget deficits and expecting others to pay for them.
“It’s impossible to… ask the peoples of other member states to pay for those future debts,” he said. “We must reduce the deficit immediately.”
Papandreou said there must be bold, decisive action from the euro zone and Group of 20 developed and developing nations to finally stem the Greek debt crisis.
“In the summit on October 23 and of course the G-20 in November [they] must also give convincing and bold answers.”
Papandreou also said that reforms to euro-zone governance could require future changes to European Union treaties.
(source: Dow Jones)
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