God helps those who help themselves? by Barbora Misakova

Well, well, I wouldn’t like to be in Papandreou’s shoes. While Greece is in the worst financial troubles in its history, people are putting up resistance to austerity measures and Greek government has a lot to do with the series of strikes that hit the country. Greek Prime Minister Papandreou does his best to defend debt measures and rules out restructuring. “The logic of restructuring the debt would be catastrophic for the economy, for our credibility, for our future.” he said at a press conference in Thessaloniki on Saturday. Also Jorgos Papaconstantinu, the Secretary of the Treasury has pledged not to restructure Greek’s debts. However analy! sts point out the country is due to austerity measures sinking deeper and deeper into recession. According to the latest estimates, Greek GDP would drop this year by 4 percent. That complicates efforts of Greece’s government to reduce deficit of the country’s GDP from 13.6 to 8.1 percent. Greece, which agreed to unprecedented austerity cuts in pensions, public sector pay and a sale tax hike in return for a 110-billion-euro rescue package, will probably need more money. As Greek newspaper Ta Nea informed last weekend, representatives of the European Union consider swelling financial help to Athens beyond the terms of arranged package. Some economists warn that Greece could in the coming years be forced to restructure its debts, which would likely cause considerable economic damage not only in the country itself, but also in the broader eurozone. Papandreou’s reaction to the possible new austerity measures was equally uncertain as Papandreou himself: “! as long as the economy does well, no new measures are needed.&! #8221;
related story (sgx18233): http://www.france24.com/en/20100912-pm-papandreou-restructur...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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