Bloomberg News

Greece Ending Loan Deal Would Be ‘Catastrophic,’ Pasok Head Says

May 27, 2012

Greek voters face a choice between supporting a review of the country’s aid package or the “blind and catastrophic” route of terminating the deal unilaterally, said Evangelos Venizelos, leader of the socialist Pasok party.

Breaking the deal would also strengthen “extreme forces” speculating on Greece exiting the euro and returning to the drachma, with the aim of buying state and private assets cheaply, Venizelos told reporters in Athens today in comments broadcast live on state-run NET TV.

The idea of reviewing Greece’s financial aid agreement with international lenders is gaining acceptance in Europe and the program may be extended to 2017, Venizelos said. Greece holds an election on June 17.

Pasok, the second-largest pro-bailout party after New Democracy, was placed third in six Greek opinion polls published yesterday. New Democracy led all the polls, while Syriza, which is against implementing the terms of the deal, was second.

To contact the reporters on this story: Paul Tugwell in Athens at

To contact the editors responsible for this story: Jerrold Colten at

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