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02-15-2010, 02:13 PM
(CNN) -- Greek Prime Minister George Papandreou said the European Union could do more to stand by his country amid a budget crisis that threatens EU political unity and budget rules.
"In the battle against the perceptions and the psychology of the markets, the EU was timid, at the least," Papandreou said Saturday.
"Greece is neither a political nor an economic superpower to go it alone in this battle," he said, two days after EU leaders declined specific promises of action for the country.
The European Union called on Greece Thursday to do whatever is necessary to reduce its skyrocketing budget deficit and agreed on an approach to help the country.
New EU President Herman Van Rompuy did not announce a deal to rescue Greece but said European countries would be prepared to step in if needed.
"Euro-area member states will take determined and coordinated action if needed to safeguard financial stability in the euro area as a whole," he said. "The Greek government has not requested any financial support."
Stocks surged Thursday after the announcement, but there are "continued concerns about what the EU is going to do about Greece," said Tom Schrader, managing director at Stifel Nicolaus, a financial services company.
European officials have forecast a budget deficit of 12.2 percent of GDP for Greece in 2010. Under EU rules, member countries' budget deficits should only be 3 percent of GDP.
http://www.cnn.com/2010/WORLD/europe/02/14/greece.eu.crisis/index.html?hpt=C2
"In the battle against the perceptions and the psychology of the markets, the EU was timid, at the least," Papandreou said Saturday.
"Greece is neither a political nor an economic superpower to go it alone in this battle," he said, two days after EU leaders declined specific promises of action for the country.
The European Union called on Greece Thursday to do whatever is necessary to reduce its skyrocketing budget deficit and agreed on an approach to help the country.
New EU President Herman Van Rompuy did not announce a deal to rescue Greece but said European countries would be prepared to step in if needed.
"Euro-area member states will take determined and coordinated action if needed to safeguard financial stability in the euro area as a whole," he said. "The Greek government has not requested any financial support."
Stocks surged Thursday after the announcement, but there are "continued concerns about what the EU is going to do about Greece," said Tom Schrader, managing director at Stifel Nicolaus, a financial services company.
European officials have forecast a budget deficit of 12.2 percent of GDP for Greece in 2010. Under EU rules, member countries' budget deficits should only be 3 percent of GDP.
http://www.cnn.com/2010/WORLD/europe/02/14/greece.eu.crisis/index.html?hpt=C2