‘No way’ Greece will leave euro, seek IMF aid: PM

Sydney Morning Herald – Greek Prime Minister George Papandreou on Wednesday said there was “no way” the debt-struck country would leave the euro or seek aid from the International Monetary Fund. “There is no way we will leave the euro or seek recourse to the IMF. We do not need to,” Papandreou told a nationally televised news conference to mark his administration’s first 100 days in power. Hours earlier, a team of IMF experts had begun a week-long mission at Athens’s invitation to mentor the Greek government on how to plug a multi-billion-euro hole in its public finances. Recession-mired Greece has a public spending deficit that rose to 12.7 percent of output last year, far above the 3.0 percent ceiling permitted to countries sharing the euro currency. It is also burdened by a debt constituting 113 percent of gross domestic product (GDP). Read Article

Tags: 2nd Great Depression, debt & wealth, Europe, financial system, New World Order