We Can Survive: Greek Prime Minister
Copenhagen, Denmark, 17 December 2009
Interview on CNBC
Journalist: Leaders from all of the European countries gathered here in Copenhagen. But climate change is just one of the problems that a few of them have. We caught up with the Greek Prime Minister, Papandreou. We asked him about the sovereign debt issue in his own country, in the wake of a debt downgrade to BBB status. This is what he had to say.
George A. Papandreou: We need a bridge of time in order to have these measures implemented and have results. We will have results, but during that bridge of time I think we can survive. We don’t have a money problem right now. We can go to the market, and we do get, maybe somewhat costlier, but still we do get the necessary funding.
So I am not worried about that, but I do believe that we need a breather from the rating agencies, to allow us to show them that in fact we can make a change in our country, and we are determined to do so.
Journalist: How do you calm the nerves of international investors, who look at the public response in Greece and say, “Well, a general strike is not going to help anybody at this stage, not least the Greek economy,” and they are selling Greek assets as a result of that. How do you calm their nerves?
George A. Papandreou: Well, I just think it goes to show the determination that we have as a government, despite possible reactions. And I can also say that we have a strong mandate from the Greek people, and we have a majority in the Parliament. And I have talked to social partners, and I see that there is a wider consensus.
There will be reactions. These are not easy measures. But I don't think people expected us to take easy measures. They are expecting us to make the difficult choices, make them now, and make them in way in which we don’t simply deal with the symptoms but we deal with the root causes.
And I think that is the message to the world markets and financial system, that I think it’s in their interests, as it is in our interests, to have a viable Greece and have a government that is ready to make the deeper changes, rather than having simply some measures which will deal with the symptoms for a few months but then we get back into a non-viable situation.
So what I am doing is I’m saying I have political capital. I have been elected to make changes. We’ll make major changes, and these changes will put Greece on a different path, a path where we have I think comparative advantages. Particularly now that we are talking about green development around the world, Greece is a country which can have huge potential; it has huge potential.
For example, we have the greatest wind potential in the European Union, just because of our islands. We have great capacity in Mediterranean diet, in our agricultural sector.
We have many things we can do, in our tourist industry and so on, so this is an area where Greece is a country to invest in.
Journalist: I know I’ve got to let you go. Just one last question. Would it be helpful at this stage for either politicians in Brussels or within the Union to speak out in support of your current plan? It seems that the euro is being sold, as a result of people looking at Greece and being concerned about the Union itself. Would it help to get more verbal support from Brussels and elsewhere?
George A. Papandreou: Well, Brussels has been supportive and we have had some very important statements from some of the leaders of the larger economies and countries in the European Union, but also from the European Central Bank, from the head of the Eurogroup, from the Commission.
So we have had this support, and I think that is a strong message to the market also, that Europe is behind Greece.
Journalist: So the Greek Prime Minister, George Papandreou, here obviously participating in these climate change discussions, but problems at home and that national strike plaguing his attendance here in Copenhagen.?>
Related Links
print
send)
