Epic drama, not tragedy

29 January 2010 By Pierre Briancon

Europe wants Athens to get serious about executing deficitreduction plans. It may serve the EU’s purposes that the market doubts its willingness to help. But Europe cannot wash its hands of Greece, and will find ways to help if needed.

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European Union leaders this week sent mixed messages about their willingness to assist Greece in its current debt crisis, as George Papandreou, the country's prime minister, reiterated that his government wasn't seeking outside help to cope with its problems.

Alistair Darling, the UK finance minister, insisted on Jan. 29 that "the euro area has primary responsibility for anything that might be happening".

Highlevel EU officials have indicated that Greece, in the last resort, could receive some form of financial aid from euro zone governments, according to various media reports.

The Greek budget deficit amounted to almost 13 percent of GDP in 2009.

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