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EU ministers discuss standby plans for Greece
Ministers from the 16-country euro zone announced late on Monday they had agreed the “technical modalities” that would permit aid to be rapidly rolled out but gave no figures and few details of a plan likely to involve bilateral loans. They reconvened on Tuesday with the other finance ministers from the 27-country European Union, and the German and Spanish ministers reiterated that Greece did not need help for now.
Swedish Finance Minister Anders Borg said things were looking up after Athens announced extra austerity measures to cut a bloated public deficit and tame a national debt that is bigger than Greece’s entire gross domestic product.
“We have a situation which is much better than one month ago,” said Borg, who said earlier this year Greece’s statistical reporting on public finances was “basically fraudulent.”
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