TIMES ONLINE: The Greek Government looked set on a collision course with the European Commission today as its finance minister denied demands that it needed to take further austerity measures to cut its debt.
Hours ahead of a two-day meeting of eurozone finance ministers in Brussels, being held to scrutinise Greece's existing plan to cut is deficit, Olli Rehn, the new EU Commissioner for Economic and Monetary Affairs said: "Our view is that risks... are materialising, and therefore there is a clear case for additional measures.”
But George Papaconstantinou, the country’s Finance Minister, said the EU needed to show more support to Greece instead of expecting more detailed austerity measures.
He said: “If we announce today new measures, will that stop markets attacking Greece?
“My guess is that what will stop markets attacking Greece at the moment is a further more explicit message that makes operational what has been decided last Thursday at the European council."
Mr Papaconstantinou said Greece “is doing enough” to reduce its public deficit from 12 per cent to 8 per cent of GDP this year, under emergency fiscal cuts submitted to the European Commission which EU finance ministers are examining.
He said: “We are trying to change the course of the Titanic, it cannot be done in a day.” Although, he added: “If additional fiscal measures are needed, we will take them.” >>> Robert Lindsay | Monday, February 15, 2010
