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Greece will not default

By Zhang Ming'ai: 0 Comment(s)Print E-mail China.org.cn, April 15, 2011

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Greek debt crisis

Greece will not default, Greek minister of state Haris Pamboukis told China.org.cn on Thursday in Beijing.

When asked to comment on whether Greece is planning to restructure its debt, Pamboukis said "Greece will not default." Germany and other EU members will not allow Greece to default because it would have tremendous negative consequences for the Euro zone and the world, Pamboukis added.

Greek minister of state Haris Pamboukis

"As far as I know, no government officials from European countries have expressed the idea that Greek should default," Pamboukis continued.

Greece is only one of several Eurozone countries that have been hit by the debt crisis, Pamboukis said.

"We have been handling the crisis in a responsible way and have taken serious measures which are not easy for the Greek people and are also very difficult for the government," Pamboukis said.

Greece has been following a program designed by the Greek government, the European Union (EU) and the International Monetary Fund (IMF). The IMF and the European countries will continue to provide solid support for Greece, the Minister of State said.

"Greece has some structural problems but we have made some progress," Pamboukis said.

"The deep problem for Greece is not the debt but how we are going to be competitive and how we are going to regain growth", Pamboukis said.

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