George Papandreou Quotes

A lot more people are willing to invest in bonds denominated in euros. And there was the fiscal discipline argument, which is that this tied the hands of countries the market hasn't always trusted, which also helped them borrow at low rates.

More cuts were needed to avoid exiting the eurozone.

We are borrowing cheaply because we are the best looking horse in the glue factory.

Whoever pays should control; whoever pays should sanction. I agree. But budgetary union should be completed by a partial mutualisation of debts through eurobonds.

The euro is a sickly premature infant, the result of an over-hasty monetary union.

There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.

If we do not resolve the euro crisis, we will all pay the price. And if we do resolve it, we will all benefit, particularly German taxpayers and savers.

It is a responsibility we perceive from the entire international community to protect the stability of the single currency as well as the European frame work.

Reducing debt through budgetary consolidation is essential to restoring Europe's financial health.

The UK downgrade will come as little surprise to many. It does not appear to be occurring because the UK is cutting its deficit too far and too fast.

Eurobonds are absolutely wrong. In order to bring about common interest rates, you need similar competitiveness levels, similar budget situations. You don't get them by collectivizing debts.

The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose. It's unconnected to spending, hurts our credit rating and has been an abject failure at limiting debt.

For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through default.

We made a decision that monetary policy will be made by an independent European Central Bank.

Is Europe going to be breaking? I don't think so. I think the euro will stay. I think at the end of the day Europeans will find the solutions in order to hold Europe together.

I would like to see Greece as a case study, an opportunity for Europe to strengthen its coordination of fiscal policy.

The Europeans governments have massively changed the landscape in Europe. There is no doubt about it. They have put together the European Financial Stability Fund. They have discussed and approved the European Stability Mechanism.

If we are going to approach the euro area as a zone with a harsh line in the middle between AAA and non-AAA, between the north and the south, no way are we going to move forward.

A common currency imposes on us a duty to cooperate more on policy.

In order to consolidate the euro we need to harmonise our economic, fiscal and social policies, hence we are going toward greater integration.

One cannot have economic growth without security.

You can't borrow your way to prosperity.

The presidency of the Euro group is an interesting and important task.

Two decisions have damaged the stability both of the euro and of Europe: the premature admission of Greece to the euro area and the breach and subsequent weakening of the stability and growth pact.

The diversity of Europe is its strength. But for a single currency to work, over a region with enormous economic and political diversity, is not easy.