Bloomberg News

Greece Must Continue Efforts in ‘Difficult’ 2012, Papademos Says

December 31, 2011

Dec. 31 (Bloomberg) -- Greek Prime Minister Lucas Papademos said the country faces a difficult year ahead and must continue its efforts to remain in the euro and avoid economic collapse.

“The next three months will be particularly crucial,” Papademos said in an e-mail sent today from his Athens-based office. “The decisions taken will determine the course of Greece in the coming decades.”

Papademos, appointed on Nov. 11 as head of a government backed by three of the five parliamentary parties, is trying to secure loans under a 130 billion-euro ($168.5 billion) bailout for Greece agreed to in October by European Union leaders before elections are held. Measures include negotiating a debt swap with private creditors that will cut 100 billion euros off Greece’s burden.

--Editor: Dick Schumacher

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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