EU ready to help Greece over debts by Magdalena Rosova

After Greek Prime Minister George Papandreou called for psychological and political support from Europe, partners of European Union have reached a deal, which should help Greece cope with deficit crisis of the country. Europe leaders pledged solidarity with Greece on Thursday, but did not offer the country any immediate cash. European Union said it was determined to defend its core. However, EU was not able to save both the currency and European stock from falling. Chief of European Commission Jose Manuel Barroso said no bailout scenarios were going to happen. He insisted that Greek government did not need financial support and it also had not asked for financial help.! EU president Herman Van Rompuy, chairing his first summit, added that hard cash was not necessary. Consequently, the 27 EU heads of state and government agreed with declaration saying that members of European Union will take action if needed to protect the financial stability in the euro area. Prime Minister Papandreou said his call for help had been a warning to market speculators. But Papandreou is also afraid of worsening social situation in the country. Greek government will try to protect the weakest people in the country, as they have no guilt on international crisis. This year Greece has to reduce its public deficit by four percentage points from the current 12.7 percent. The inspections by commission and officials of European Central Bank will start in March. Chief of ECB Jean Claude Trichet sees that step as a best way to protect the financial stability of the eurozone.

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by Magdalena Rosova for SigEx Ventures (http://sigexventures.com)

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