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Eurozone will help Greece: Luxembourg
Fri, Feb 26, 2010
AFP

FRANKFURT - Eurozone countries will help Greece get out of its financial bind if necessary, Luxembourg Finance Minister Luc Frieden said Friday in a press interview.

"We don't have any other choice. Europe is a community of solidarity," Frieden told the German business daily Handelsblatt.

"We are not going to allow Greece to become a risk for the eurozone," Frieden said.

"All eurozone members are aware of the fact that the euro has helped them through the crisis, because it is stable," he added.

Greece is seen as the 16-nation bloc's weak link since it revealed late last year that its public deficit and debt were much worse than initially thought.

Faced with the risk that market suspicion could spread to other countries on the eurozone's periphery, European Union leaders have placed Athens on a short leash to ensure it gets its finances back into shape.

"I think it is bad that markets speculate every day on a new country," Frieden said.

Italy, Portugal and Spain have come under increased financial market pressure since the Greek crisis erupted, but the Luxembourg minister insisted that "no eurozone country is going to declare bankruptcy."

Experts from the European Commission, the European Central Bank and the International Monetary Fund visited Greece this week to examine the country's plans to cut spending and raise revenues.

 

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