Financial News: FinMin in AP interview: European debt deal attainable at Thursday's summit

A European debt deal is attainable at Thursday's EU summit, Greece's finance minister and government vice president Evangelos Venizelos said in an interview with the Associated Press (AP) news agency in Athens, appearing on Tuesday.
"Reaching a solution is attainable because this solution does not only include Greece," Venizelos told AP during an interview in his office on Monday. "At issue is the euro and the resilience of the eurozone. That is why protection of Greece is a self defense mechanism for the eurozone. That will help us avoid a domino effect," he said.
Venizelos also said that Greece's target is to avoid being placed under selective default by ratings agencies, adding that proposals being considered already "combine all the different approaches" in a way acceptable to Greece.
"I believe we will be able ... to achieve something which will be secure, positive for the viability of the public debt, and will safeguard Greece as a country and the Greek banking system," he said.
On a second EU bailout package for Greece, the finance minister said: "We want a solution that makes our national debt sustainable ... guarantees Greece's borrowing needs until in mid-2014 when we foresee our return to the markets, and guarantees the liquidity of Greek banks."
Venizelos also noted that Greece has already taken the toughest measures needed to steer the economy back to fiscal health.
With respect to the pressures on the cost of borrowing for Italy and Spain, Venizelos said the came from the wagers of speculators against those countries and against the euro, charging organised attacks on countries with very good macroeconomic figures, such as Italy. There was no panic, he explained, just a calm and well-organised attack.
On the country's fiscal targets, Venizelos said that Greece was on course to achieve a primary surplus in its budget next year, despite the fact that the fiscal targets for 2011 have not been achieved thus far.

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