LONDON – A meeting
of euro-zone finance ministers this week is unlikely to produce details of
plans to ensure that Greece can meet its debt obligations, ministers said, amid
signs that officials are near agreement on a support plan.
"At
this point in time, [Greece] does not need help," said French Finance
Minister Christine Lagarde, the Financial Times reported.
Greece's
10-year bond sale earlier this month showed that the market has appetite for
its debt, she said.
Wolfgang
Schaeuble, Germany's finance minister, echoed this sentiment, telling the Bild
newspaper that there was no need to present an aid plan at the moment, reports
said.
Any
plan appears set to be implemented "only if and when needed," said
Marco Valli, economist at UniCredit Bank in Milan. "Accordingly, any
concrete announcement seems unlikely."
Ministers
from the 16 nations that share the single currency are set to hold a monthly
meeting Monday night in Brussels. Ministers from all 27 European Union nations
meet Tuesday.
The
Greek government has implemented austerity measures designed to slash its
deficit from 12.7 per cent of gross domestic product to 8.7 per cent in 2010 as
it aims to bring the gap to less than 3 per cent -- the E.U. limit -- by 2012.
The
measures, which include public-sector wage cuts, increased fuel taxes and a
higher retirement age, have met fierce opposition from the nation's unions,
which have conducted two general strikes and a number of smaller protests.
Members
of Greece's militant power workers' union, Genop, staged a series of
demonstrations around the country early Monday as they prepare for a two-day
strike to protest the latest austerity measures. The 48-hour strike is set to
begin at midnight local time and could lead to rolling blackouts around the
country if Genop strikers leave the power plants short-staffed--a tactic the
union has followed in the past.
Greek
nurses are also due to hold a 24-hour strike Tuesday, while on Thursday owners
of gas stations have declared their own one-day strike.