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Politics: Greek PM urges 'single economic policy' for euro

Δημοσίευση 22 Ιανουαρίου 2011, 13:05 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Politics: Greek PM urges 'single economic policy'  for euro
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Greek Prime Minister George Papandreou on Friday presented arguments in favour of establishing a unified economic policy within the European Union, during a speech made to a Euro50 Group working dinner held in Athens.

Greek Prime Minister George Papandreou on Friday presented arguments in favour of establishing a unified economic policy within the European Union, during a speech made to a Euro50 Group working dinner held in Athens.

"We are building something different in Greece. That is what Europe should do also, change things and take its fate into its own hands," Papandreou said during the meeting on the theme "Eurozone at a crossroads" taking place at the Megaron Concert Hall.

The Greek premier said that the economic crisis that hit Europe had revealed the weaknesses of the euro, showing that the common currency lacked a "master" and had no common finance ministry behind it.

He stressed the need for a strong model of economic governance in the EU in order to avert developments that, if allowed to unfold unchecked, would create irreparable problems. According to Papandreou, there had to be a shift toward a single economic policy for Europe and Greece was determined to support the "leap" that this would require

Papandreou repeated his proposals in favour of issuing a eurobond, saying that it would be a "shame for Europe not to have this powerful tool"

The Greek prime minister said many people took a pessimistic view and considered Europe condemned to weakness and an inability to make decisions.

"To those and their arguments Greece counters with its own route, showing that nothing is impossible and nothing is preordained," he added.

He appeared confident that Europe would prove its critics wrong in the same way that Greece had proved wrong those that had written the country off the previous year.

Among Greece's achievements in 2010, Papandreou pointed to a reduction of the deficit by six percent of GDP and said that this was one of the reasons by the Eurogroup had decided to extend the repayment period for the Greek loans, along with the progress made in fiscal policy and other changes.

The Euro50 Group meeting was hosted in Athens by Labour and Social Insurance Minister Louka Katseli, who is a permanent member of the forum.