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Greek PM to visit Germany over debt crisis

Greek PM to visit Germany over debt crisis
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Greece’s Prime Minister has called for more solidarity from the European Union over the country’s debt crisis and announced plans to visit Germany, whose backing is vital for any EU financial aid.

However big German lenders including Hypo Real Estate, Deutsche Postbank and Deutsche Bank have said they will not take on more Greek debt, making it harder for Athens to sell bonds to resolve its deficit crisis.

George Papandreou told the Greek parliament he will do whatever it takes to save the economy, no matter how painful, leading to speculation there will be more spending cuts to slash the deficit.

He said: “No other country will pay for Greece’s debts, this is certain. No one else can get us out of this quagmire, only we can. More than that: It’s an issue of honour and pride for the country to fix the problems in our house.”

Papandreou plans to visit Berlin on 5 March, at the invitation of Chancellor Angela Merkel.

There have been reports that Germany is considering buying Greek government bonds through a state-owned bank, as an emergency measure, as part of a European plan to help Greece if the needs arises.