Without help in Athens, Commissioner Olli Rehn fears for the euro
March 24, 2010 – 12:02 pmIt is necessary that the European Union decided this week with a device to aid Greece, otherwise it would cause difficulties for the euro, says European Commissioner for Monetary Affairs Olli Rehn in a press interview.
"There are already technical preparations. Now we need a political decision. It is also important for Greece so she knows what to expect," says he to the Finnish daily Helsingin Sanomat.
"We are at a crossroads. Greece may cause serious disturbances (the euro), or we can learn from this crisis."
Olli Rehn believes that many opportunities are always possible to help Greece.He did not see any objection to what the International Monetary Fund (IMF) is supporting him.
"The EU is close to the IMF. We're partners," says he.
The France and Spain have called for a meeting of members of the euro area this week to discuss problems of Greece, just before the European Council two days due to start Thursday afternoon.
Greece has to refinance about 16 billion euros of bonds maturing between April 20 and May 23 and hopes that the announcement of a European emergency sufficient to lower the cost of borrowing.
Greek debt should exceed 120% of gross domestic product (GDP) this year.Its budget deficit has reached 12.9% of GDP last year, causing distrust of markets vis-à-vis the euro.
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