Greece's eurozone partners have agreed that it would be ‘unwise’ to go public with the detail behind moves to offer Athens bailout aid over its bulging debt hangover.
‘We did not want to go public today with the measures we are putting in place, because we don't think it would be wise to discuss publicly the instruments’ being prepared, said Luxembourg Prime Minister and eurozone chief Jean-Claude Juncker.
Financial markets that have sent the value of the euro tumbling against the dollar over recent months are seen in Brussels as having declared war on the European single currency in response to the problems in Greece.
But Mr Juncker said speculators ‘are completely wrong if they think they can destroy Greece,’ as he underlined partners willingness to plot a comprehensive, cross-border rescue.
Pressure has mounted on Athens to take fresh, drastic action to slash its runaway debt before European Union partners reveal precisely what they are willing to to help it through the crisis.
Earlier, Greek Finance Minister George Papaconstantinou had warned: ‘My guess is that what will stop markets attacking Greece at the moment is a further, more explicit message that makes operational what was decided last Thursday’ by European heads of government.
Greece last Thursday became the first country in 11 years of European monetary union to require such a pledge after mounting concern about its ability to service a bloated debt sparked a market frenzy that drove bond yields up and the euro down.
Greece faces some major hurdles soon, with two lots of more than €8bn of government bonds to refinance in April and in May.
Markets had hoped at a point last week that the ministers meeting in Brussels would flesh out the political pledges from leaders to discuss actual financial aid, but sources said that the focus would remain on getting Greece to do its part.
Mr Papaconstantinou said that urging Greece to do more right now and before its reports back on progress in March was too much to ask, and suggested ministers should try to develop on the pledges leaders made last week.
