Chelsea defeat PSG 3-0 to win first expanded Club World Cup    Saudi Arabia identifies key dust storm hotspots    Chief of staff inspects THAAD air defense unit in Jeddah    Saudi Arabia imposes SR2.1 million in anti-concealment fines in Q2 2025    Saudi Arabia tops global tourism revenue growth in Q1 2025    Ministry of Commerce recalls over 2,000 Baseus power banks over fire risk    PIF launches Tasama to boost Saudi business services sector    Saudi minister meets innovators, researchers in London to advance tech-driven economy    Israeli airstrike kills children fetching water in central Gaza    Macron condemns US tariffs, urges swift EU countermeasures    Taiwan–US tariff talks enter 'crucial moment,' negotiator says    Russia and North Korea blame U.S. military activity for tensions on Korean Peninsula    Conciliation Center issues 73,000 agreements in H1 2025    France's Lady Liberty artwork goes viral as a new Statue of Liberty could be in the works    Abdullah Al-Qaisoom wins silver at Asian Youth and Junior Weightlifting Championship    Aubameyang's future at Al Qadsiah in doubt after cryptic post comparing Saudi League strikers    Theo Hernández: Al Hilal can compete with Europe's best    SFDA approves 'Winrevair' for rare pulmonary hypertension treatment    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Papandreou seeks French backing
Published in The Saudi Gazette on 08 - 03 - 2010

Greek Prime Minster George Papandreou headed to Paris on Sunday, the third stop of a four-city tour seeking firmer European Union and US support for harsh austerity measures that have sparked violent protests at home.
Athens is adamant that it has done all it can with the new measures to reduce its massive 12.7 percent budget deficit.
It is now seeking concrete actions from European partners to calm markets and bring down the country's high borrowing costs, which are about twice that of Germany's.
Papandreou, who visited Luxembourg and Berlin on Friday, is likely to find a sympathetic ear in his meeting Sunday evening with French President Nicolas Sarkozy. He then flies to Washington for talks with President Barack Obama on Tuesday.
Papandreou's Socialist party came to power in October and shocked Europe by quickly revising the government's budget deficit to 12.7 percent of gross domestic product for 2009 from below 4 percent earlier that year.
“The situation we inherited was worse than our worst nightmare,” Papandreou said in a statement.
Sarkozy, for his part, said Greece's euro-zone partners could not abandon it because doing so would defeat the very purpose of the 16-nation common currency project.
“If we created the euro, we cannot abandon a euro-zone country – otherwise it wasn't worth it to create the euro,” Sarkozy said at a Paris agricultural fair Saturday.
“That's why I'm supporting Greece.” French Finance Minister Christine Lagarde, who is also expected to attend the Papandreou-Sarkozy meeting along with her Greek counterpart, George Papaconstantinou, says the talks will focus on how Greece's new austerity plan will be enacted.
She said Sarkozy would back Greece if its debt woes got it into real trouble _ but gave no details of the potential emergency support.
Sarkozy is seen as far more sympathetic to Greece's problems than German Chancellor Angela Merkel, whom Papandreou met on Friday. Merkel praised the latest Greek austerity measures, which cut civil servants' pay, froze pensions and hiked a range of taxes, including those on sales, fuel, cigarettes and alcohol. She also pledged political support for Greece _ but without any concrete details.
Both Merkel and Papandreou stressed that Greece is not looking for financial aid from its European partners.
Athens has not asked, Merkel said, and none was being offered.
What Greece does want, however, is some form of support that would reduce its sky-high borrowing costs on the international market. It insists it is the victim of speculators who are pushing up the price at which it can borrow.
Papandreou has one big card to play, saying unless his new austerity plan receives the full backing of markets and its European partners, he could be forced to seek help from the International Monetary Fund. That is something Sarkozy is strongly against because the IMF is run by a political rival of his, Frenchman Dominique Strauss-Kahn.
Greece's new austerity plan, approved by Parliament on Friday, has already sparked strikes and violent demonstrations. Protesters clashed with riot police in central Athens and a new general strike has been called for Thursday, on top of another planned for March 16. Despite the violence, Greeks appear to be ambivalent about the measures, favoring those that hit other people.
A survey in Greek newspaper To Vima showed nearly 48 percent oppose the austerity plan and about 47 percent support it.


Clic here to read the story from its source.