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Greece calls for "brave decisions" at EU Summit

12-05-2011 10:17 BJT

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Greek Finance Minister Evangelos Venizelos says European Union leaders must show that they can make brave decisions at this week’s summit, to get through the debt crisis sweeping Europe.

Venizelos told a debate in Parliament on Sunday that the Eurozone needs to show it can cover the institutional and political deficit with sufficient and brave financial interventions. The euro faces a decisive week as European Union leaders seek agreement on a convincing rescue plan. Despite short-term market optimism about a possible deal, the outcome is far from certain as the EU gears up for a summit in Brussels on Thursday and Friday.

If all goes according to plan, the EU will have taken a step towards fiscal union by Friday night, agreeing on a treaty change to anchor coercive budget discipline for the 17-nation currency area. The European Central Bank will have cut interest rates on Thursday to counter a looming recession and taken new measures to provide longer-term funding or Europe’s teetering banks. And new prime ministers in Italy, Greece and Spain will have demonstrated their commitment to tough austerity measures and structural economic reforms.

Greece's Finance Minister Evangelos Venizelos answers reporters' questions as he
arrives at the European Union council headquarters ahead of a Eurogroup meeting in
Brussels November 29, 2011.

 

Editor:Zhang Jingya |Source: CNTV.CN

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