Greek PM does not rule out ‘some form of financial assistance’

Greece’s Prime Minister Lucas Papademos said on Friday the country was making every effort to avoid a third bailout package but said he could not rule out the need for one.

“Some form of financial assistance might be necessary but we have to work intensely to avoid such an event,» Papademos said in an interview in Italy’s Il Sole 24 Ore.

He said Greece might find itself in a position of not being able to access markets even if all the measures agreed upon are fully implemented.

“It is difficult to foresee market conditions and expectations in 2015,» he said.

Papademos said Greece leaving the euro would have devastating consequences.

“The return of the drachma would trigger high inflation, exchange instability and a fall in the real value of bank deposits,» he said. [Reuters]

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