Turning the Crisis Corner
Posted on Jun 12, 2010
In a metaphorical walk around the debt crisis block, Greece’s prime minister has said that he believes his country is “turning the corner” as economic recovery efforts by the ransacked country may have started to pay off.
Greece avoided defaulting on its debt last month after it was awarded a $131 billion rescue package from euro zone countries and the International Monetary Fund. —JCL
Al Jazeera English:
Greece is “turning the corner” as steps taken to fight its debt crisis start paying dividends, the country’s prime minister has said.
“Today is the first time when I can look to the future with more optimism,” George Papandreou told members of the Institute for International Finance (IIF) in Austria’s capital, Vienna, on Friday.
“We have taken difficult decisions, tough but necessary decisions, and we are now witnessing the first signs that we are turning the corner.”
After accumulating massive public debt and overspending, Greece avoided a default last month through the first instalment of a 110 billion euro ($131bn) rescue package from its 15 euro currency partners and the International Monetary Fund.
Flickr / World Economic Forum
Greek Prime Minister George Papandreou speaks at the World Economic Forum in Davos, Switzerland, earlier this year.