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Greek Prime Minister Not Impressed

The Greek Prime Minister George Papandreou is not too pleased with the EU's pledge of some sort of help yesterday, which lacks any concrete measures. Papandreou's response came down to, "thanks guys, but too little, too late."

Yesterday- and after days of brainstorming - the only thing the EU could come up with was a vague statement that it would "take determined and coordinated action, if needed, ("If" needed???) to safeguard financial stability in the euro area as a whole." In what is scarily reminiscent of what happened (is happening) here, and in what shows that really no one has learned anything from the crisis, Papandreou blamed the bickering among EU members for the lukewarm help and delayed response, saying that they hid from their responsibilities behind Greece.

"There was lack of coordination among the various bodies of the EU -- the Commission, the member states, the ECB -- and even differences of opinion within these bodies," he said. "All this has undermined our credibility even within the European Union ... all this has not helped our position in the markets."


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