Greece may ask for financial support earlier

Grecia may activate the financial aid package promised by the European Union and the International Monetary Fund before the completion of the talks around this plan, which were launched yesterday, according to the announcement made by the Minister of Finance in Athens, George Papaconstantinou.

When asked if he planned to make such a request, Papaconstantinou said: "In theory, Greece could do that tomorrow". Papaconstantinou stressed however that what he said does not mean his government would ask for the activation of this package.

Yesterday, Greece began discussions with the officials of the European Commission, of the European Central Bank and of the IMF on the details of the economic program by which the Greek state could obtain a foreign package of 45 billion Euros (30 billion Euros from the EU and 15 billion from the IMF).

The joint mission of the IMF and the EU sent to Greece could stay for two weeks, and its final conclusions may be presented on May 15th.

"The support mechanism will be activated and will become operational if Greece requests it, based on the document that will be signed by all the parties involved", said Papaconstantinou.

The government in Athens is facing the highest borrowing costs in the last 12 years, with the second consecutive year of recession and with a budget deficit of 12.9% of the GDP (the highest of all the EU).

• The Euro is dropping

The European currency yesterday depreciated against the dollar, for the fifth day in a row, amid fears that the eventual activation of the aid package from the EU and the IMF would not solve the crisis debt of Greece.

The Euro lost 0.4% at 08:02, on the New York market, reaching 1.3377 against the dollar, from 1.3435 dollars the day before. The exchange rate had earlier dropped to 1.3359 dollars/Euro - the lowest level since April 9th.