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Greek PM cancels U.S. trip as debt crisis deepens
Published in Saudi Press Agency on 17 - 09 - 2011

Greek Prime Minister George Papandreou cancelled a planned visit to the United States on Saturday to deal with a deepening crisis at home, days before international inspectors arrive to go over fiscal shortfalls, Reuters reported.
Papandreou was in London, en-route to attend United Nations and IMF meetings, when he decided to turn back after discussing developments with Finance Minister Evangelos Venizelos, government officials said.
"The prime minister judged that he should not be away. He wants to ensure that all of Greece's commitments (to its European Union partners) are fulfilled," government spokesman Ilias Mossialos told Reuters.
A government official speaking on condition of anonymity told Reuters pressure was high on Athens from euro zone partners to take additional measures to merit continued funding from a 110 billion euro ($150 billion) bailout to avert default.
"There is an issue of trust. Our partners want very specific steps and commitments and our record so far unfortunately does not inspire confidence," said the official.
Next week, Greece is due to resume talks with EU and International Monetary Fund inspectors who will judge fiscal progress before releasing the next 8 billion euro loan tranche in October. Greece has said it has cash until next month.
"It's a sign that things are very tight. Papandreou's presence is crucial to make sure there are no setbacks with issues that need to be resolved," said Theodore Krintas, head of wealth management at Attica Bank.
-- SPA


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