WSJ:Greek PM Affirms Commitment to Reforms, Euro Zone In Letter To European Leaders
ATHENS (Dow Jones)--Prime Minister Lucas Papademos reaffirmed the Greek government's commitment to economic reforms and the country's continued membership in the euro zone in a letter sent to European leaders this week.
"The government is determined to continue the process of fiscal consolidation and structural reform in order to secure sound public finances and improve the country's international competitiveness," the letter, which was released by his office late Wednesday, said.
Papademos was appointed prime minister of a coalition government in early November following weeks of political uncertainty in Athens that rocked European financial markets and raised doubts about Greece's future in the euro zone.
The letter spells out the government's three main tasks in the weeks ahead. These are implementing an existing reform program, negotiating a new loan deal with the country's official creditors, and concluding a debt-exchange program aimed at cutting in half Greek public debt held by private creditors.
"Participation in the euro area ensures the preservation of price stability, promotes financial and economic stability and facilitates the implementation of the deep and broad reforms required for the revival of the economy," the letter said.
"The Greek people recognize the need for a major economic and institutional transformation and they overwhelmingly support euro area membership, which they perceive as crucial for the success of this effort," it said.
The letter was sent Tuesday to European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso and Jean-Claude Juncker, president of the euro zone's group of finance ministers.
It was also sent to European Central Bank President Mario Draghi and International Monetary Fund chief Christine Lagarde.
On Tuesday, euro-zone finance ministers agreed to release the latest tranche of aid to Greece from an existing EUR110 billion bailout fund dating to May last year. Before releasing it, European leaders had demanded written commitments from the Greek government and major political parties expressing their support for the reform drive.
