August 5, 2011 8:53 PM

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Greek PM calls for institutional enhancement of eurozone to tackle debt crisis

Greek Prime Minister George Papandreou today called for further institutional enhancement of the eurozone to tackle the public debt crisis that still haunts the region.In a letter to European Commission President Jose Manuel Barroso, the Prime Minister said the recent developments mainly reflect an increasing skepticism about the systemic capacity of the euro area to respond to the ongoing crisis. He said the institutional enhancement of the eurozone should be taken in a swift and effective manner. Last month, the EU leaders agreed to provide debt-ridden Greece with a second aid package in a summit meeting in Brussels and to strengthen the firepower of the eurozone's stopgap rescue fund to counter further challenges within the region. The Greek Prime Minister said, if these decisions are implemented in a timely and effective way, they will equip the zone with all institutional and financial tools necessary for tackling swiftly the crisis.

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