Wednesday, July 25, 2012

EU Should Be Ready to Give Greece More Cash

Wall Street Journal
July 25, 2012

European Commission Vice President Joaquin Almunia said European countries should stand ready to support Greece, giving the country more financial assistance if needed.

In an interview with Dow Jones Newswires Tuesday evening, Mr. Almunia said provided Greece had honoured its pledges of pushing through reforms, its partners should take more steps to help the country.

"They have huge problems that need to be tackled and they should be at the forefront of their own solutions. But they cannot solve their...problems alone. If they do what they have committed to do, then the EU institutions and the other members of the EU should support Greece," Mr. Almunia said.

Asked if this support meant giving Greece more cash, Almunia said: "Yes... more cash."

It's the first time a top member of the EU executive has publicly backed the idea that Greece should get more money above and beyond its current 174 billion euro ($210 billion) bailout package, the second it has received.


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