Greece Is Not Seeking Financial Aid From Either EU Or IMF; George Papandreou

The Wall Street Journal reports that Greek Prime Minister, George Papandreou, said on Thursday, that the country was not looking for any financial assistance from either the EU or the IMF.

In a cabinet meeting, Papandreou said, “We want to do it ourselves and, for that reason, we are not seeking financial help. And with the efforts and the sacrifices of us all, I know we can succeed provided we can borrow at reasonable rates. Our program does not seek, nor will it seek, financial help from anyone; not from our European partners, nor from the International Monetary Fund."

Meanwhile, Germany gave indications that it was ready to support a joint EU-IMF bailout package, in case Greece needed one. Germany has been pushing Greece to resolve the deficit crisis through strict austerity measures alone and not seek aid from its euro zone partners. However, German Chancellor, Angel Merkel, has long favored IMF’s involvement in a bailout. But the likes of France and Spain have said that euro zone members should try and solve the crisis in Greece internally. So far, Greece has not approached the IMF for any financial assistance but the funds are available if it needs, said a spokeswoman with IMF.

Earlier, on Thursday, Prime Minister Papandreou had urged EU leaders that they agree to a package of standby loans for Greece at their summit next week. The gloom in Greece continued with disappointing economic news, which showed unemployment rate climbed to 10.3%, the highest level in the last five years, in the fourth-quarter.