George Papandreou, the Greek prime minister, said on Tuesday that Athens will live up to its austerity commitments as he urged European nations to "stop the cacophony and work more in harmony" to deal with the debt crisis.
Speaking in Berlin, George Papandreou insists that Greece will meet its commitments under its international bailout Photo: AFP
Telegraph Staff and agencies 11:32AM BST 27 Sep 2011
Speaking at a conference organised by German employer federation BDI, he said Europe needed to "go one step further" and prove it can get its act together.
"Even Germany depends on Europe, its biggest trading partner, for growth and jobs," said Mr Papandreou, insisting his debt-laden country can emerge from its economic crisis and cautioned against heaping "punishment and scorn" on Greeks.
He said that the criticism levelled at Athens was "frustrating not only at a political level, where a superhuman effort is being made to met stringent targets in a deepening recession but frustrating for the Greeks who are making these painful sacrifices and difficult changes."
It is going to take "years to make these major changes," he said, adding: "We are simply asking for respect for the facts."
"If people feel only punishment and scorn, this crisis will not become an opportunity, it will become a lost cause. And we are determined to make this a success," Mr Papandreou said.
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Bailing out Greece is unpopular among voters in Germany, Europe's biggest economy, while in Greece the harsh austerity measure needed to reduced the nations heavy debt has led to unrest.
Greece's creditors, among them Germany, want Athens to fully implement austerity measures agreed in exchange for rescue loans and are holding up payment of the next tranche of the loans until an external review of the reforms is completed.
Without the money, Greece will go bankrupt in October, potentially sending shock waves through the financial sector in Europe and abroad.
Mr Papandreou compared the challenges Greece faces with those that Germany overcame when West Germany and communist East Germany were united in 1990.
"Greece will make the same surprising transformation that Germany made in the 1990s," he said. "What we want is nothing less than the rebirth of our nation."
International debt inspectors are expected to return to Athens in coming days to assess whether the next installment of bailout loans can be paid out.
On Thursday, Germany's parliament is to vote on beefing up the powers and lending capacity of the eurozone's €440bn rescue fund - a facility that already has intervened to help Ireland and Portugal.
Greek PM urges Europe to 'stop the cacophony' - Telegraph
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