EU leaders: There is no 'Plan B' for Greece

BRUSSELS (ANA-MPA) -- The only way to avoid an immediate default is for Greece's Parliament to approve a revised economic programme, EU Economic and Monetary Affairs Commissioner Olli Rehn said here on Tuesday.

In a written statement issued in Brussels, the Commissioner stressed that:

“This week Greece faces a critical juncture. Both the future of the country and financial stability in Europe are at stake. I fully respect the prerogatives and the sovereignty of the Greek Parliament in the ongoing debate. And I trust that the Greek political leaders are fully aware of the responsibility that lies on their shoulders to avoid default.

"The only way to avoid immediate default is for Parliament to endorse the revised economic programme. The programme includes both the medium-term fiscal strategy and the privatisation programme. They must be approved if the next tranche of financial assistance is to be released. (ANA-MPA)

"To those who speculate about other options, let me say this clearly: there is no Plan B to avoid default.

On their part, European Council President Herman van Rompuy and European Commission President Jose Manuel Barroso also appealed to Greece's political leadership, MPs in particular, to vote for the medium-term fiscal strategy in Parliament.

Both underlined that "there is no other way" and that those, who misleadingly maintain that there is, should assume their responsibility for likely "grave consequences". (ANA-MPA)

Speaking before the European Parliament here, they stated that in case of a negative vote, the consequences will be heavy not only on the Greek and the European economy but on the global economy as well.

Barroso underlined that the Greek economy should regain its lost credibility, adding that the lack of it is apparent considering the mass transfers of Greek capital to banks abroad. He said that the process is painful, adding that there is no magic solution and pointed out that there is no other way than the materialization of the programme agreed between Greece, the EU and the IMF.

He stressed that for years, Greece had lived beyond its means and that today the EU is willing to help it correct the imbalances provided that Greece wants to be helped. He expressed the wish that the Greek MPs, whose opinion he will respect, will opt for the one and only correct path there is.

European Council President van Rompuy praised the Greek government's determination to implement the necessary measures despite the social tension, adding that he is fully aware of how difficult a task this can be from the time he served as the finance minister of Belgium. (ANA-MPA)