HIGHLIGHTS-Greek finmin details EU/IMF aid deal

ATHENS, May 2 (BestGrowthStock) – The choice was between rescue or
collapse, Greek Finance Minister George Papaconstantinou said on
Sunday after the debt-choked country clinched a multi-billion
euro aid deal with the EU and the IMF.
Here are highlights from his comments during a news
conference:

DEAL

“The cabinet decided to accept the programme it negotiated
with the ECB, EU and the IMF… the decision on the size of the
aid will be announced today after the Eurogroup meeting.”

RESCUE OR COLLAPSE

“We are all being called to make a choice. The choice is
between collapse or salvation. The choice is between fleshing
out a very ambitious and difficult 3-year programme of fiscal
consolidation, a programme of structural reforms … or the
country to reach an absolute dead-end.”

PROTECTED FROM MARKET EXPOSURE

“Thanks to the aid the country will be protected from market
exposure for the rest of 2010, 2011, 2012.”

BORROWING

“The purpose of the aid programme is … to win time to be
able to return to markets under normal circumstances. The aim
is that Greece returns to markets as soon as possible.”

CUTS

“All the measures announced are valid over the duration of
the programme… After the end of the programme there will be a
new situation.”

DEFICIT

“The deficit will be under 3 percent in 2014.”

HELPING BANKS

“The third part (of the aid programme) is the creation of a
fund, with specific IMF and EU contributions, that will
safeguard … capital adequacy in the banking system.”

PUBLIC SECTOR WAGE FREEZE

“Salaries and pensions in the public sector will not see any
increases during the programme.”

CUTS

“Today we have to flesh out an economic programe which sees
fiscal efforts to cut the deficit by 11 points of GDP, or 30
billion euros, starting from today and over the next three
years.”
Growth Stocks

(Reporting by Renee Maltezou; Compiled by Ingrid Melander)

HIGHLIGHTS-Greek finmin details EU/IMF aid deal