There is no Plan B for Greece: European Commission

BRUSSELS Wed Jun 22, 2011 6:50am EDT

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BRUSSELS (Reuters) - Greece has clear objectives that it needs to achieve if it is to overcome its debt crisis and there is no alternative to meeting those goals, the European Commission said on Wednesday. "There is no alternative. We have a plan, now it's time to act on it, it's time to implement it. There is no alternative. There is no Plan B," European Commission spokeswoman Pia Ahrenkilde-Hansen told a news conference.

The EU wants Greece to approve even deeper spending cuts and further tax increases, coupled with selling off state assets, in order to bring its finance into line. In exchange it will receive 12 billion euros in further emergency assistance from the EU and IMF, allowing it to avoid defaulting on its debts.

The euro zone is also considering a second package of assistance to Greece, which could be equivalent or slightly larger than the 110 billion euros it was granted in May 2010.

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