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Clinton's support for Greece's debt woes

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Clinton's support for Greece's debt woes

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As Eurozone ministers prepare tackle the bloc’s wider financial troubles this week, US Secretary of State Hillary Clinton was in Athens on Sunday to offer America’s support to overcome Greece’s debt crisis.

Washington’s backing should help Prime Minister George Papandreou at Thursday’s Euro summit in Brussels where Greece is hoping for an additional €110 billion in funding.

Clinton told reporters “Greece has inspired the world before and I have every confidence that you are doing so again.

“And as you do what you must to bring your economy back to health, you will have the full support of the United States” she said.

Despite warnings that Greece may at least partly default on its estimated 350 billion euros of debt, the European Central Bank is confident that it won’t happen.

“The message of the governing council of the ECB is no credit event, no default,” said ECB President Jean-Claude Trichet in an interview with Chinese broadcaster CCTV.

The Euro debt crisis has begun to spread beyond Greece.

As well as Ireland and Portugal, now Italy and Spain are seen as vulnerable to market turmoil over their deficit levels.