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24 August 2017
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Greece May Need New Financial Aid – PM

Greece is not discussing the tightening of...

Greece is not discussing the tightening of budgetary oversight by the EU, despite the fact that it may need more financial aid than was been planned, Greek Prime Minister Lucas Papademos said on Tuesday, according to RIA Novosti.

“It is too early to say if we need additional state financing. Our goal is to avoid this alternative,” Greek media said on Tuesday quoting Papademos after his meeting with EU heads in Brussels. He was referring to the possibility of expanding the planned 130-billion euro ($158-billion) EU-IMF bailout given to Greece that was agreed on in October 2011.

Papademos rejected Germany’s suggestion to control the country’s budget policy and supervise the country’s major spending by the EU.

“We are not discussing this,” Papademos said.

The prime minister hoped that within a few days Greece would agree with private creditors on its debt remission (PSI).

“We have achieved progress in the PSI. We expect an agreement to be reached by the end of the week,” Papademos said.

According to the Bank of Greece, deposits of Greek citizens and businesses in local banks declined in 2011 to 35.4 billion euros or 17 percent. Total deposits in Greek banks at the end of December amounted to 174.2 billion euros against 209.6 billion a year earlier. Outflow of capital was due to the ongoing economic crisis and worries about the possibility of Greece`s default.

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