World Bulletin / News Desk
The European Union said it will honor its commitments to Greece in an effort to make sure it remains within the euro area but said Athens too must meet its obligations to the EU, the head of the head of the European Commission said on Thursday.
"As far as Greece is concerned, I would like to reaffirm very clearly that we want Greece to stay in the euro area. And the European Union will do all it takes to ensure it," EC President Jose Manuel Barroso said in prepared remarks to the United Nations.
Barroso made reference to upcoming Greek elections after attempts to form a government failed following an inconclusive vote on May 6. New elections are set for June 17 in which rising leftist leader of the SYRIZA party, 37-year-old Alexis Tsipras, is calling for an end to "barbaric" austerity policies he said were bankrupting the nation.
"We will honour our commitments toward Greece and we expect the Greek government - current and future - to fulfill jointly agreed conditions for financial assistance," Barroso said.
Barroso said that while the EU respects the will of the Greek people and their vote, it also must bear in mind the will of the 16 other euro area nations that have agreed on conditions for giving Greece financial assistance.
Greece's long-running economic crisis turned into a full political crisis after parties opposed to the terms of a 130-billion-euro ($168 billion) bailout made strong gains in the May 6 vote, leaving the country without a government and raising the chances that it would renege on terms of the deal.
Barroso is taking part in the United Nations General Assembly High-Level Thematic Debate on the State of the World Economy and Finance in 2012. It is bringing together high level ministers, mainly from emerging market nations in Europe, Middle East, Africa and Latin America.
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Venezuelan Foreign Minister Rafael Ramirez left the meeting visibly angry and declined to comment on the outcome.
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Ergun Olgun, the Turkish Cypriot negotiator, said their own exploration would continue and even accelerate if Greek Cypriots pressed ahead with their plans to allow multinationals to exploit the area.
The decision to devalue the naira, according to analysts and central bank figures, appears aimed at saving the country's dwindling foreign reserves
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Ukraine's leading banks said most of their loans to Crimean individuals and businesses were now delinquent.
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PM Mahlab said that Egypt eyes sustainable growth to improve the living conditions of Egyptians, noting that the Egyptian economy is currently recovering.