Greek debt reaches record 300 billion euros

Friday, December 11, 2009
ATHENS: Greece said its debt stood at a record 300 billion euros on Thursday as the prime minister called an all-party crisis meeting to calm alarm on financial markets and throughout the eurozone. The admission of the scale of the crisis came as a top official at the European Central Bank (ECB) said there could be no specific bailout from other eurozone countries, but Germany said the EU shared a common responsibility.

“The country’s debt has reached 300 billion euros ($442 billion), which is the highest level in our country’s modern history,” deputy finance minister Filippos Sahinidis told lawmakers shortly after Prime Minister George Papandreou convened the all-party crisis meeting to pull the nation together. The newly-elected socialist premier, who is under huge pressure to slash spending, said the government was ready to “clean up” its economy, having warned earlier that debt was a threat to the nation.

“At this point a national rally is required to solve these problems,” Papandreou told Greek President Karolos Papoulias.