Greek PM says can now turn eye to domestic agenda

ATHENS, April 13 (BestGrowthStock) – Europe’s financial safety net
gives the Greek government the leeway it needs to focus more
fully on the challenge of cutting its budget deficit, Prime
Minister George Papandreou said on Tuesday.

Euro zone finance ministers approved the 30-billion-euro
($40.81 billion) emergency aid mechanism for debt-plagued Greece
on Sunday, but Greece has not yet asked to activate it.

“Given this support mechanism, the safety net which is at
our disposal, we can turn our attention with greater calm to
domestic challenges and promote the necessary changes,”
Papandreou told a cabinet meeting.

Greece has pledged to cut its deficit from 12.9 percent of
GDP last year to 8.7 percent this year through tax hikes and
spending cuts, including a freeze on public salaries and
pensions.

“That safety net doesn’t mean that our job is over,”
Papandreou said, according to a written text of his comments.

Greece drew heavy demand to a short-term debt auction on
Tuesday, passing its first major borrowing test since euro zone
leaders agreed on the potential bailout package – though the
yield on the paper remained high.

Papandreou also said unsubstantiated rumours had hurt
Greece’s interests. A number of leaks to the press have affected
Greek bond and stock markets in recent months.

“The recycling of rumours was another tool in the hands of
some market speculators,” he said. “This is why it is important
to maintain a common stance on the economy to create the
necessary calm.

“All of us need to be well informed before making a public
appearance … I would ask in general that we should not become
analysts and commentators of events.”

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(Writing by Ingrid Melander; editing by John Stonestreet)

Greek PM says can now turn eye to domestic agenda