Thursday, September 16, 2010

Greece Hopes Confidence Follows Austerity, Papaconstantinou Says

Wall Street Journal
September 15, 2010

The high cost of longer-term Greek government debt can't be sustained over time, but Athens is counting on results from its austerity plan to regain market confidence after the end of this year.

Finance Minister George Papaconstantinou, speaking in an interview between meetings here with investors, said even the €110 billion ($143 billion) in bridging support from the rescue program from the European Union and the International Monetary Fund doesn't fully compensate for being effectively locked out of the capital market.

"Clearly this is not a tenable long-term situation," he said.


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