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Euro-Area Spreads Are Papandreou’s Fault, Michelbach Says

Greek Prime Minister George Papandreou is to blame for widening euro-region government bond spreads, German Christian Social Union lawmaker Hans Michelbach said.

By announcing a referendum on a new bailout package, Papandreou has cast doubt on his country’s reliability as a euro member, Michelbach, the ranking member of parliament’s finance committee for the ruling CSU, said in an e-mailed statement.

“Euro zone states last week reached a solution of the sovereign debt crisis, especially in Greece, after months of hard work,” said Michelbach, whose CSU is the Bavarian sister party of Chancellor Angela Merkel’s Christian Democrats and one of three coalition parties.

“That calmed markets down and created new confidence,” he said. “Greece’s head of government Papandreou has now willingly damaged this confidence, the work of months, and has cast doubts on Greece’s reliability” in the euro area.

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