Information Channel

Local Time: 9/9/2010 10:42:10 PM GMT Time: Thu, 9 Sep 2010 20:42:10

Papandreou seeks French backing for debt crisis (3/7/2010)

Greek Prime Minister George Papandreou headed to Paris on Sunday, the third stop of a four-city tour seeking firmer European Union and U.S. support for harsh austerity measures that have sparked violent protests at home.

Athens is adamant that it has done all it can with the new measures to reduce its massive 12.7 percent budget deficit. It is now seeking concrete actions from European partners to calm markets and bring down the country's high borrowing costs, which are about twice that of Germany's. Papandreou, who visited Luxembourg and Berlin on Friday, is likely to find a sympathetic ear in his meeting Sunday evening with French President Nicolas Sarkozy. He then flies to Washington for talks with President Barack Obama on Tuesday. Papandreou's Socialist party came to power in October and shocked Europe by quickly revising the government's budget deficit to 12.7 percent of gross domestic product for 2009 from below 4 percent earlier that year.

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