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BBC News - Greek PM Papandreou calls EU response 'timid'

Greek Prime Minister George Papandreou has criticised the European Union's response to the country's financial crisis as timid and too slow.

Mr Papandreou told cabinet members at a televised meeting in Athens that the EU lacked coordination and undermined Greece's credibility.

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Feb 13th, 2010 at 12:30:20 PM EST
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Treasuries Tumble on Supply, Europe's Pledge to Support Greece - Bloomberg.com

Feb. 13 (Bloomberg) -- Treasuries fell, with 10-year notes dropping for the first week this year, as the government sold a record-tying $81 billion in notes and bonds and Europe's pledge to aid Greece dulled the haven appeal of U.S. debt.

Ten- and 30-year yields rose the most in seven weeks as sales of the securities drew lower-than-average demand. The European Union said it was prepared to take action to support Greece, while leaving open how it might respond to a fresh wave of speculative attacks against member nations that are also struggling to cut deficits. U.S. consumer prices rose in January, a report is forecast to show next week.

"With all of the issues the EU had with the PIGS, one would think we would see a continued flight to quality," said Thomas L. di Galoma, head of U.S. rates trading at Guggenheim Partners LLC, a New York-based brokerage for institutional investors. He used an abbreviation for Portugal, Ireland, Greece and Spain.

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Feb 13th, 2010 at 12:42:12 PM EST
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Eurozone in need of better management | Reuters

ROME (Reuters) - The fragility of the euro zone economy and public finances underline the need to extend and strengthen euro-wide economic management, European Central Bank Governing Council Member Mario Draghi said on Saturday.

"The euro is solid," Draghi told a gathering of market operators in Naples," but he called on the EU to extend and reform its economic structures "with the same vigour it devoted over the years to consolidating government budgets."

Draghi said investors will buy new securities issued by Greece, whose debt crisis has roiled markets in recent weeks, so long as the government "adjusts its budget with determination, with careful monitoring by the European Commission and the ECB."

More broadly, he said all governments should spell out how they plan to rein in budget deficits and debt levels which surged during the recession of 2008 and the first half of 2009.

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Feb 13th, 2010 at 12:51:32 PM EST
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