Barroso on Greek economy
BRUSSELS (ANA-MPA/V. Demiris) - European Commission President Jose Manuel Barroso appealed on Friday to the European Union member-states to come to an agreement during Thursday's Summit on the creation of a financing apparatus that could be used to tackle the economic problems which Greece is facing. He said that it will be a system of coordinated bilateral loans that will be compatible with EU legislation and the legislations of member-states.
The Commission president also mentioned that the creation of this apparatus does not mean that it will be activated automatically and that its management will be taking place by the eurozone.
He did not desire to make guesses, as he said, as to possible participation by the International Monetary Fund (IMF) and concluded by saying that "the present situation cannot continue" and that an agreement must be achieved next week.