PAPANDREOU OPEN LETTER TO THE PRESIDENT OF EURO !

Monday, 11 July 2011 ' European Affairs

PRIME MINISTER'S
PRESS OFFICE
Athens, 11th July 2011
LETTER BY PRIME MINISTER
GEORGE A. PAPANDREOU
TO THE PRESIDENT OF THE EUROGROUP
AND PRIME MINISTER OF LUXEMBOURG
JEAN CLAUDE JUNCKER


Dear Jean Claude,
Let me again express my appreciation for your continued engagement and help in dealing with our crisis. You have
stood by Greece in these difficult moments.
At the same time we have all become aware that this crisis has become a crisis of our shared European home.
It has highlighted deep problems in the architecture of our currency, our governance structures, and our financial
system.
And no one member state can alone effectively deal with these questions.
Again in seeking to solve problems in the Eurozone, you have tabled important and visionary proposals on behalf
of Europe. Such as for example the idea of the eurobond.
Fourteen months after commencing our reform program, Greece has achieved an impressive fiscal consolidation
and launched numerous far-reaching structural reforms.

In recent months, our government and the members of the Troika have worked tirelessly to produce a credible
medium-term fiscal strategy, including an ambitious privatization plan, that will continue to drive our reform process
and stimulate growth.
We have also pinpointed key impediments to reform, particularly our difficulties in stopping tax evasion and in
building the capacity of our civil service to implement change. We have initiated a process whereby implementation
deficits of the past are being remedied.
Furthermore the President of the Commission, Jose Manuel Baroso has strongly supported a program that will
insure transfer of know-how and technical assistance for best practices from other member states to assist us in
the implementation of major reforms in our country. This we welcome as this is our government's basic agenda.
Had major reforms been implemented years ago we would have avoided the current crisis.
The Commission has also been forthcoming on proposals and help to stimulate growth and job creation through
community funds.

These remain priorities for our government and preconditions to reach a viable economy.
From our side, as you know, the Greek Parliament has approved the country's promised medium-term financial
strategy and implementing legislation-approvals that were required for release of the fifth disbursement of the initial
program and for approval of additional funding until 2014.

Our recent Parliamentary votes signal a renewed bold effort and strong political will to reach our goals.
Yet in no sense is our crisis over. Indeed, we together stand today at a fateful juncture in Greece's and Europe's
ongoing economic adjustment program.
The markets and rating agencies have not responded as we had all expected. They continue to doubt (and
therefore punish) our shared Greek and European reform program, and in so doing, are threatening Greece's and
Europe's common recovery from the recession that began three years ago.

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