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Strategies & Market Trends : Booms, Busts, and Recoveries
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From: Haim R. Branisteanu2/21/2010 11:19:58 AM
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Greece PM: Borrowing Needs Are Covered Until Mid-March

LONDON (Dow Jones)--Greece's borrowing needs are covered until mid-March, Greek Prime Minister George Papandreou said in an interview broadcast Sunday.

"As I know, we don't have at this point a need for borrowing: our borrowing needs are covered until mid-March," he said in an interview with the British Broadcasting Corp.

"What we are saying simply is we need the help so that we can borrow at the same rate as other countries, not at high rates which in fact undermine our possibility for making the changes and cutting down our deficit."

Papandreou said his government has broad support in Greece for its austerity plans and that he would order further debt-cutting measures for this year if that proved necessary.

"If we do need extra measures, we will take extra measures," he said.

He also said he is confident there is the "political will" within the European Union to offer support for Greece.
And he said that there is no possibility that Greece will be suspended from euro membership.

Papandreou also said his government wanted to diversify the investor base for Greek debt and that would include seeking interest from sovereign wealth funds in places like China.
"I wouldn't rule out different sovereign funds being interested in our bonds," he said. "We would like to diversify and will do so if that's possible."

-By Laurence Norman, Dow Jones Newswires; 44-207-842-9270; laurence.norman@dowjones.com
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