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Sunday, March 14, 2010

Now Greece doesn't need a bailout

From the WSJ:
NEW YORK—Credible efforts by Greece's government to clean up its finances have so far negated the need for any bailout from the European Union, French Finance Minister Christine Lagarde said Friday.

In offering a strong vote of confidence in the new Greek government, Ms. Lagarde said in a Wall Street Journal interview that Greece had "for once, over-delivered from what was expected" in terms of legislation intended to cut spending.

Whereas she had expected cuts worth 1.5% of gross domestic product, the government had come up with 2%, she said.

She cited the Greek government's stringent budget cuts as the key reason for the stabilization in its debt prices, rather than any talk of a bailout plan.

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