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By Martin Roberts

MADRID, May 23 (Reuters) – Greek Prime Minister George Papandreou ruled on the ~side defaulting on debt payments or restructuring in a Spanish newspaper meeting published on Sunday.

‘We have no need for defaulting on payments or restructuring,’ Papandreou told El Pais. ‘We hold opted not to do so. We have opted to pay back the loans we gain requested.’

When asked, Papandreou said he did not believe his rule would reach a point beyond which it could not ask the community to tighten their belts further in order to convince markets its notorious finances were in order.

‘That is what we have decided, and that is the intellectual powers why we have this programme of measures from the European Union,’ he afore~.

EU governments are trying to regain investors’ confidence after months of tumult that have pushed many euro zone member states’ borrowing costs canopy of heaven high led to a 110 billion euro bailout of Greece and the setting up a $1 trillion security net to try to prevent the contagion spreading.

Papandreou said he reflection EU governments had been slow to act in order to hinder the Greek crisis spreading to other members of the 16-land euro currency.

‘The EU took time to realise that speculators’ attacks forward Greece were just a step before attacking other countries and flat threatening the stability of the euro zone,’ he said.

The fault crisis has provoked huge instability in the 11-year-old euro publicity and led to demands for EU states to work much harder up~ the body coordinating their economic policies and bring their finances into check.

Harsh expenditure cuts in Greece which have led to violent riots have been matched ~ the agency of austerity measures in Spain and Portugal, whose wide budget deficits be delivered of also helped to roil financial markets.

SPAIN AND PORTUGAL

‘Spain and Portugal were not in such a manner bad, but they have been victims of hysteria,’ Papandreou said.

The Prime Minister declared that austerity measures would curtail growth in the Greek economy, and called with regard to the EU to provide stimulus measures.

‘We have to create the unavoidable conditions for growth and in this, once again, the EU be possible to help,’ he said.

‘Whether by pushing ahead with infrastructure projects or creating the requisite backdrop for more investment in the EU, concretely in the southern countries, and also in central and eastern Europe.’

Papandreou said he and German Chancellor Angela Merkel had been ‘pure with each other’, but added there was ‘resentment’ between the couple countries over the cost of the bailout and pressure to give force to austerity measures.

‘It is not irreperable. I would say there is displeasure. But I believe what bothers people is what we consider bias and sterotypes.’

Legislators in Germany, the euro zone’s biggest dispensation, on Friday approved the $1 trillion safety net, but Merkel failed to free from danger the broad backing she had sought to ease public hostility to bailing deficient in weaker euro zone states.

(Reporting by Martin Roberts; Editing by Louise Heavens) Keywords: GREECE DEBT/

(martin.roberts@thomsonreuters.com; +34 91 585 2130; Reuters Messaging: martin.roberts1.reuters.com@reuters.clear)

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