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19 Mar, 2010 17:06

Greek financial problem exaggerated - expert

After the crisis crunch, many countries in the Eurozone face the same economic threat, said Joerg Wolf, editor in chief of the Atlantic Initiative. He also believes the Greek problem has been exaggerated.

“There is a danger of a chain reaction – Portugal, Italy, Ireland and Spain have the same problems, huge deficits and debts,” he said.

The two strongest Eurozone members are split over the nature of a financial lifeline for Greece.

Germany is softening to the idea of an international rescue, whereas France remains reluctant to cry for help outside of the EU family.

Greece has been calling for help to reduce its budget deficit, which is the biggest in Europe.

On Thursday, Athens warned it would turn to the International Monetary Fund unless European leaders make a firm financial pledge at next week's EU spring council meeting.

The debt-stricken country believes investors will be more confident if the continent is seen as playing a supporting role.