Greek Prime Minister George Papandreou suggested on Wednesday evening a global financial governance to address the deep economic crisis that now seems to spread from Greece to other Eurozone member countries.
Greek Prime Minister George Papandreou speaks at the 14th Roundtable with the Greek Government organized by the Economist in Athens, capital of Greece, April 28, 2010. Papandreou suggested on Wednesday evening a global financial governance to address the deep economic crisis that now seems to spread from Greece to other Euro-zone member countries. [Marios Lolos/Xinhua]
"We are in front of an emergency which becomes wider and needs a global financial governance fast," Papandreou said, addressing the 14th Roundtable with the Greek Government organized by the Economist in Athens.
Underlining that current interest rates of Greek bonds, which have exceeded the 1,100 basis points on Wednesday, are unreasonable, the Greek premier said that the latest developments confirmed the earlier warnings of the Greek government that the country and the Eurozone in total are under attack of speculators.
During his speech on the theme of "Shaping the agenda in the face of a crisis for Greece and the EU", Papandreou stressed that Greeks are dealing with their problems today, and European partners should do their part and prevent "a small fire to get out of control".
"We do not ask for rescue, but reasonable loans through the EU- IMF safety net, so that we continue our reforms," Papandreou added repeating that his government has taken the historical responsibility to put the Greek finances back on the right track and do whatever necessary to protect the country from dangers.
In the meantime Greek media reported on Wednesday evening that by the upcoming weekend, the consultations on the final terms of the financial aid package to Athens by the European Union and the International Monetary Fund (IMF), will most probably have been completed.
After the latest worrying developments with the increase of Portuguese and Spanish bonds, Germany seemed to finally realize that what is at stake now is not just the Greek economy, but the stability of the Eurozone, Greek analysts noted.
According to unconfirmed sources from the IMF the funds, on the support mechanism for Greece could eventually reach the 120 billion euros (158.4 billion U.S. dollars), over the next three years.