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Europe Needs to Move Rapidly, Papaconstantinou Tells To Vima

Dec. 5 (Bloomberg) -- Europe needs to move quickly to firm up a European aid framework and restore confidence in financial markets, Greek Finance Minister George Papaconstantinou said in an interview with To Vima newspaper.

The situation in the euro area is “extremely fluid,” Papaconstantinou said, according to the newspaper. Markets aren’t operating rationally despite decisions taken so far on creating a permanent aid mechanism, and that’s pressuring countries in the region’s periphery, he told the newspaper.

Fully specifying the framework will restore confidence, the minister said. It’s also urgent to come up with a focused policy for the financial industry as well as policy on growth on a European Union level, he told the newspaper.

To contact the reporter on this story: Maria Petrakis in Athens at mpetrakis@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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