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June 21, 2010

Provopoulos: "Markets need convincing"

Natalie Weeks and Christos Ziotis at Bloomberg reports on European Central Bank finance minster Provopoulos stating the obvious:

"European Central Bank Governing Council member George Provopoulos said it may take some time until the Greek government will convince markets about its consolidation measures.

“I have no doubt that the government will take whatever measures are needed to attain the fiscal objectives to ensure fiscal stability,” Provopoulos said at a conference held by the Onassis Foundation in Athens today. “It will, however, take some time to convince the markets of the government’s determination to achieve those goals. Decades of fiscal mismanagement and faulty fiscal reporting have caused the markets to adopt Saint Thomas’s dictum: to see is to believe.”

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