Bloomberg News

Swan Urges Greece to Work ‘Hardest’ to Resolve EU Debt Crisis

November 02, 2011

Nov. 2 (Bloomberg) -- Australian Treasurer Wayne Swan urged Greece to redouble efforts to overcome its budget crisis after Prime Minister George Papandreou called a referendum on Europe’s rescue package for the Mediterranean nation.

“Greece’s failure to act has done nothing to ease concerns about Europe’s capacity to deal with the sovereign debt crisis,” Swan said in a statement today. “Of any country, Greece should be working hardest to make this plan work.”

Papandreou will fly to France today to face European leaders surprised by his decision to put the bailout plan to a referendum and call a confidence vote in parliament. His grip on power weakened after a lawmaker from his socialist Pasok party defected, leaving him with 152 deputies in the 300-seat chamber.

“The world economy has already paid far too high a price for Europe’s failure to act over the past 18 months and it’s in everyone’s interests that they finalize and implement the October agreement as quickly as possible to restore confidence in global markets and build growth in Europe,” Swan said.

“We’re in for a protracted period of volatility in global markets as Europe undertakes the necessary adjustments -- I call on the Greek authorities to do the right thing to help restore stability and support growth in Europe,” Swan said.

--Editors: Brendan Murray, Edward Johnson

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


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