Greece would ‘draw blood’ for credibility

By John Gapper and Gillian Tett in Davos
Published: January 29 2010 12:40 | Last updated: January 29 2010 13:07
Greece is prepared to “draw blood” with domestic reforms to establish its financial credibility and is not contemplating external help in case its deficit reduction plan fails, George Papandreou, the Greek prime minister insisted on Friday.
Mr Papandreou, speaking at the World Economic Forum in Davos, said he would not talk about the possibility of a bail-out by European Union countries because “discussing theoretical possibilities could end up becoming a self-fulfilling prophecy.”
Mr Papandreou said his government was determined to stamp out corruption in Greece as a way to reduce its deficit.

“I have said let us clean the slate and put in rules and regulations so we move away from this negative legacy. It is not part of our DNA. It may draw blood from us all, but it will create a more credible political system.”

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