Greek PM meets Obama over crisis

Papandreou urges US president to crack down on speculators damaging Greece's economy.

    Papandreou demanded US action against speculators that he says are deepening Greece's crisis [AFP]
    In depth

     

      Inside Story: Greece's financial turmoil
      Counting the Cost: Greece's debt problems
      Video: Wake-up call for Greek economy

    "Unprincipled speculators are making billions every day by betting on a Greek default," Papandreou said on Monday, following reports US funds placed big bets against the euro.

    Papandreou's trip to Washington along with George Papaconstantinou, his finance minister, with a budget deficit of 12.7 per cent of gross domestic product for 2009.

    Papaconstantinou visited the International Monetary Fund in Washington to discuss technical assistance.

    There has been speculation that Greece may seek an IMF bailout if support from the European Union proves inadequate. Greece has not ruled out asking the IMF for help.

    Issuing bonds

    Greece is planning to raise around 10 billion euros ($13.6bn) this month by issuing bonds as it races to meet debt requirements, Dow Jones Newswires reported on Tuesday citing officials.

    An unnamed official said the money would be "a good cushion before the big debt  maturities in April and May".

    Greece needs to redeem debts of around 20 billion euros by the end of May.

    The government last week sold five billion euros in 10-year bonds, but it was forced to borrow at a high rate of above six per cent - about twice the rate for a 10-year German bond - because of low investor confidence.

    A second official was quoted in the report as saying: "We still expect some kind of an arrangement from the European Union ... There  are discussions on this matter so that Greece can pay more logical yields."

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.