HIGHLIGHTS-Greek PM says reached deal with EU, IMF

ATHENS, May 2 (BestGrowthStock) – Greece has reached a multi-billion
euro deal with the EU and the IMF, Prime Minister George
Papandreou said on Sunday.
Here are highlights from his comments during a televised
cabinet meeting:

DEAL

“We have built the support mechanism out of nothing. A few
days ago we asked for its activation and today we ratify the
agreement. It is an unprecedented support package for an
unprecedented effort by the Greek people.”

PUTTING OUT THE FIRE

“The problem has grown bigger, this fire is threatening to
spread and hurt Greece further and the other euro zone countries
and economies.

“The cost of putting it out is expected to be huge, and the
burden that Greeks will shoulder is even bigger.”

“The need to resort to the deal means additional and more
immediate efforts and sacrifices.”

DIFFICULT YEARS

“I want to tell Greeks very honestly that we have a big
trial ahead of us … The years ahead are difficult but we will
make it.”

SACRIFICES

“Economic reality forces us to take very tough decisions.”

“Today’s sacrifices are tough but necessary. If we do not
make these sacrifices Greece will go bankrupt. These sacrifices
will give us breathing space and the time we need to make great
changes.”

“In the very narrow negotiating framework we found ourselves
in, it is positive that wage earners in the private sector are
not affected. We had to take measures which affect wage earners
and pensioners in the public sector. This is because the great
sick man is the public sector.”

BORROWING NEEDS

“Without credibility, we would not have found support or
understanding anywhere … the only possible help would have
been 10 or 20 billion euros we would have got from the IMF, at
the moment when the state we took over had, and still has,
borrowing needs of 60 billion euros a year.”

AVOID BANKRUPTCY

“Our national red line is to avoid bankruptcy. I have done
everything and I will continue to do everything so that the
country does not go bankrupt.”

“No one could have imagined the size of the debt that the
previous government left behind it.”

NOT JUST OUR PROBLEM

“We had marathon negotiations and we managed to ensure that
the international community paid attention to the Greek people’s
problems and was convinced that it is not just our problem, it
is also a problem of how markets work and of how to protect the
euro.”

Stock Market Analysis

(Reporting by Renee Maltezou and Harry Papachristou;
Compiled by Ingrid Melander)

HIGHLIGHTS-Greek PM says reached deal with EU, IMF