Firmer rescue plan needed from the Eurozone for Greece (AP) (18-03-2010)

BRUSSELS (AP) -- Greece's Prime Minister George Papandreou said Thursday his country needs a firmer eurozone bailout plan to lift market pressure on his government and lower its borrowing rates, although he continues to maintain that the country "is not to asking for money, but to have some form of an instrument on the table."

Papandreou says that such a plan "alone would be enough to make sure that the speculators would be warned off."

He said failure of the EU to agree a plan would force Greece to go to the International Monetary Fund for a financial rescue. He added that he didn't see the IMF asking for tougher measures.

The 27 EU leaders will hold a summit next week at which they may assess measures to help Greece. Under the current circumstance, Papandreou said that his country "cannot sustain" its tough austerity program to get out of its financial crisis if it is forced to pay high costs to borrow.

From Germany Chancellor Merkel has once tried to point out that the biggest European economy is not willing to help out in the current Greek debt crisis. Her country has proposed a European Monetary Fund that could grant emergency liquidity aid under strict conditions.

Source: AP