Papademos Says Plan Ensures Greece’s Place in Euro Region, Averts Default

Greek Prime Minister Lucas Papademos said an austerity and loan plan for Greece is credible, will lead the country out of its crisis and ensure its place in the euro area.

“It’s a program that will lead the country to solid ground,” Papademos told lawmakers in Athens before a vote on the package. “It is the time for decisions, it is necessary to understand that the main cause of the crisis is that for many years the state systematically spent more than its revenue.”

To contact the reporter on this story: Eleni Chrepa in Athens at echrepa@bloomberg.net

To contact the editor responsible for this story: Tom Stoukas at astoukas@bloomberg.net

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