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German Economy Minister Leaves Athens, Pledges to Protect Euro
Oct 9,2011 08:42CST
industry news
Source:SMM
German Vice Chancellor and Economy Minister Philipp Roesler ended a two-day visit to Greece on Friday, pledging that Germany will do everything in its power to protect the euro currency.

Oct. 9 (xinhua) -- German Vice Chancellor and Economy Minister Philipp Roesler ended a two-day visit to Greece on Friday, pledging that Germany will do everything in its power to protect the euro currency.

Roesler, who headed a 70-member delegation of German industrialists, also inked a bilateral agreement with the Greek government to boost investments in the debt-ridden country in order to help it get back on its feet.

Addressing a Greek-German business forum in Athens aimed to strengthen collaboration between the two countries, the German official dismissed scenarios of a Greek default, noting that the only issue under discussion is the support of Greece and the eurozone.

"There will have to be a Union for stability, Europe for stability, to the benefit of eurozone and Europe overall, in order to defend Europe from outside attacks," Roesler said after meeting with Greek Finance Minister Evangelos Venizelos.

He underlined that Greece was determined to go ahead with a three-year austerity and structural reform program to tackle the debt crisis, and that the country would fully honor "to the very last euro" commitments made in exchange for the EU/International Monetary Fund bailout loans secured in May 2010 to avoid a potentially disastrous bankruptcy.

In a joint statement with Greek Development, Competitiveness and Shipping Minister Michalis Chryssohoidis, Roesler said participants to Friday's forum had already agreed on investment of 2.5 million euros (3.35 million U.S. dollars) in the olive oil production in Greece, 50 million euros in the construction of golf court, and had laid the foundations for a 1.5-billion-euro infrastructure project, including oil and gas pipelines.

Both sides expressed optimism that the new agreement, which was aimed to cut red tape and create a stable investment environment in Greece, would boost investments and assist Greece to chart a course out of the crisis.


 

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