UPDATE 1-Greece cannot steal at stream rates for prolonged - finmin

Tue Apr 6, 2010 2:16pm EDT Related News Greece smashed on markets, denies u-turn on IMFTue, Apr 6 2010Greece cannot steal at stream rates for prolonged - finminTue, Apr 6 2010Timeline: Greece"s debt crisisTue, Apr 6 2010TIMELINE-Greece"s debt crisisTue, Apr 6 2010Greece not looking rider to EU-IMF pact- ministerTue, Apr 6 2010

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Bonds&&&&Global Markets&&&&Greece

ATHENS, Apr 6 (Reuters) - Greece cannot steal at currentrates for a prolonged time but has no goal of utilizing an EU-IMFaid resource for the time being, the country"s financial ministersaid on Tuesday."Interest rates are really high and it"s transparent we cannotcontinue similar to this for a prolonged time," Finance Minister GeorgePapaconstantinou pronounced in an talk on radio stationMega.

Markets pushed Greece"s risk reward to a euro lifetime highon Tuesday among flourishing doubts over the debt-laden country"scapacity to finalise the debt predicament and uninformed questioning aboutan EU-IMF assist mechanism. [ID:nLDE63513Y]

"Greece will make use of the resource if indispensable but at this momentthere is no such need," Papaconstantinou said, adding that hewas assured that Greece would cover all the borrowing needsfor the year and encounter the bill targets.

Greece"s borrowing mandate are lonesome for Apr and ithas an additional month prior to it needs to steal again.

He pronounced the EU"s census data bureau Eurostat was expected torevise last year"s necessity of 12.7 percent of GDP somewhat up,but the rider would not affect the aim to slight thedeficit to 8.7 percent of GDP this year.

"The 2009 necessity was influenced by reduce than estimatedgrowth, and this by itself increases the necessity by 0.2percentage points," he said, adding that alternative factors mightalso affect the last necessity series for last year. He pronounced anyrevision would be well next one commission point.

The Bank of Greece pronounced last month that Greece"s budgetdeficit had reached 12.9 percent of GDP. (Reporting by Harry Papachristou; essay by Ingrid Melander;editing by Stephen Nisbet)

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