Germany encourages Greece ahead of crucial talks

Germany’s foreign minister arrived in Athens late Sunday evening with a message of encouragement for the Greek government.

During talks with Prime Minister Lucas Papademos, Guido Westerwelle said he was confident Greece would successfully implement tough economic reforms and that the rest of Europe was solidly behind the cash strapped country.

This is a crucial week for the Greek government which, despite continuing protests against its unpopular austerity measures, is desperate to complete a deal with private bondholders to cut its debt to more sustainable levels. If it can not convince its international lenders to give it the cash it needs, Athens could default in March.

Pressure is also growing on the rest of the euro zone. Nine member countries start their week with credit downgrades after Standard and Poor’s expressed doubts over the monetary union’s ability to sort out the wider euro crisis.

Their assessment included the stripping away of France’s and Austria’s coveted triple-A status.

Copyright © 2012 euronews