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Sept. 25 (Bloomberg) -- Greek Prime Minister George Papandreou said the European Union and international community have been slow and divided in their reaction to the sovereign debt crisis and decisions were needed now to shield European countries from future such crises.
“Today, the global economic situation is becoming even more fragile and the end of the crisis appears even more distant,” Papandreou said in a written address to the Socialist International group, according to a transcript from his Athens- based office.
Resolving the issue of Greek debt, which represents just 3 percent of public debt in the euro area, isn’t enough to deal with the wider consequences and roots of the problems in Europe, he said. “There is a pressing need for strategic decisions which will shield EU member states from future such crises,” he said. That requires radical institutional changes which will gradually lead to deeper fiscal, economic and political union, he said.
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