BRUSSELS (MNI) – The following is a joint statement from EU
Commissioner for Economic and Monetary Affairs Olli Rehn and
International Monetary Fund Managing Director Dominique Strauss-Kahn,
after the announcement Sunday of a joint E110 billion loan package for
Greece:

“We strongly support the economic program announced today by the
Government of Greece. The steps being taken, while difficult, are
necessary to restore confidence in the Greek economy and to secure a
better future for the Greek people.

“The program is unprecedented in the scope of the national effort
required, as well as in the scale of the financial support– E110
billion–being provided by euro area countries and IMF. We are confident
that Greece will rise to the challenge and succeed.

“We recognize that the program demands great sacrifice from the
Greek people and, given the serious situation facing their country, it
cannot be expected to turn the economy around overnight. A sustained,
multi-year effort will be needed to bring down Greece’s debt and spur
competitiveness.

“If implemented effectively–and we believe it will be–the program
will lead to a more dynamic economy that will deliver the growth, jobs ,
and prosperity that Greece needs in the future.

“We believe that the program is the right thing to do to put the
economy back on track. Importantly, the authorities’ have also designed
their program with fairness in mind so as to protect the poorest and
most vulnerable, and ask for a fair sharing of the burden across Greek
society. That is the right thing to do as well.

“To be successful, the program will require a national commitment
that goes beyond political party lines. The support from European
countries, the European Commission and the European Central Bank and
the IMF demonstrates a very high level of external commitment –and
attests to the goodwill for Greece from the international community. Our
collective effort will also contribute to the stability of the euro and
will benefit all of Europe.”

–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com

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