Elena Salgado, Spain’s Finance Minister, has said she is not worried by the possibility that Greece may default on its debt, and is hopeful that the Greek government will do everything it can and avoid the possibility of a default.
Addressing reporters at a meeting of the finance ministers from the 27 members of the European Union, she said that the Greek government’s plans to bring down its budget deficit from 12.7 percent of GDP to below 3 percent next year will be reviewed by the ministers.
She further said that finance ministers of the European Union did not feel that the Greek government will not reduce its budget deficit.
The Greek government is struggling to retain the confidence of investors for credibility reasons, as official data on the size of its debt have failed to prove reliable in the past. Finance Ministers from the EU have the same opinion on Greece that it should not look for outside help but do everything it can do itself to overcome this crisis.