{"id":322111,"date":"2010-02-15T09:57:58","date_gmt":"2010-02-15T14:57:58","guid":{"rendered":"http:\/\/www.businessinsider.com\/greek-finance-minister-begs-europe-to-detail-its-bailout-plans-2010-2"},"modified":"2010-02-15T09:57:58","modified_gmt":"2010-02-15T14:57:58","slug":"greek-finance-minister-begs-europe-to-detail-its-bailout-plans","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/322111","title":{"rendered":"Greek Finance Minister Begs Europe To Detail Its Bailout Plans"},"content":{"rendered":"

\"george<\/p>\n

It was just over a week ago that Greece wouldn’t admit it was having a problem.<\/p>\n

Then last week Euro leaders pledged some kind of bailout.<\/p>\n

But as we pointed out, there was no bailout at all. Just a promise of one. And for investors who saw the way TARP went down, this was no good.<\/p>\n

Now Greece is freaking out, and its finance minister is begging for hard details:<\/p>\n

Here’s the full report from the AP:<\/p>\n

—-<\/p>\n

Greek Finance Minister George Papaconstantinou said Monday that a detailed bailout plan from other eurozone nations would be the best way to soothe market fears that Greece could default on debt payments.<\/p>\n

European leaderes last week made a general statement support for Greece without saying what they would do to help if Greece neared default.<\/p>\n

“My guess is that what will stop markets attacking Greece at the moment is a further, more explicit message that makes operational what has been decided last Thursday,” at a meeting of EU leaders, he said.<\/p>\n

Market fears have hiked the cost of Greek government borrowing in recent months and caused the euro to slide to a near nine-month low against the dollar.<\/p>\n

Eurozone nations pledged last week to aid Greece “if needed to guard financial stability in the euro area” — but did not say how they would help the country.<\/p>\n

Papaconstantinou said the 16 countries that use the euro need to go beyond that to “work out a mechanism so that if necessary the mechanism will be there” for any member that cannot pay its debts.<\/p>\n

“I think this is the logical way of addressing the issue,” he told an audience of European Union policy makers in Brussels.<\/p>\n

Eurozone finance ministers meet for talks later Monday.<\/p>\n

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