Germany stands ready to defend the euro, the country's economy minister Phillip Roesler said today. "With the union of stability we can send a strong signal that we in Europe and the euro zone are ready to fight for our currency and defend it from attacks," Roesler said.
Philipp Roesler, who met with Greek Development Minister Michalis Chrisohoidis and Prime Minister George Papandreou, is on a two-day visit to Greece with a delegation of dozens of German businessmen.
"We are all impressed by the great commitment that the Greek government has taken to revive, to give a boost to the development of the Greek economy," he said Friday after a breakfast meeting with Chrisohoidis.
"Our presence here is a part of the strategy for the support of precisely these investments and development in Greece."
Mr Roesler's announcement came before credit ratings agency Fitch downgraded Spain and Italy's credit ratings.
Greece's economy is projected to shrink by 5.5% this year as the country struggles to meet austerity targets set as a condition for it to continue receiving funds from vital bailout loans that are preventing it from defaulting on its debts.
"It is our decision to move forward with all the necessary reforms so that we can change Greece, create a country that is attractive for investments, a country with a competitive economy, that is productive and outward looking," Chrisohoidis said. The two are to sign an investment agreement later in the day.
Greece-troika hope to end soon - IMF
The head of the International Monetary Fund's mission for Greece said today that a review of the country's progress under a bail-out deal would hopefully be concluded positively soon, but talks were not yet finished.
"We have made good progress but there are still important issues that need to be discussed. We are certainly still some way from concluding," the IMF's Poul Thomsen said.
"Hopefully, we will conclude positively soon, but we are not there yet," he said.
