EU pledges support for Greece as markets plunge

The European Union's executive commission has vowed continuing financial support for Greece. Commission vice-president Jyrki Katainen said in a statement Thursday there should be "no doubt that Europe will continue to assist Greece in whatever way is necessary". "Greece has made immense progress in creating a basis for a sustainable growth model, based on sound public finances, a more competitive economy and a robust, effectively supervised financial sector," Katainen said. "This unprecedented program of reforms and the necessary large fiscal adjustment have entailed very difficult choices. The Commission and the euro area as a whole have stood by Greece throughout this process. While there is a clear need to maintain the momentum of reform, there is strong evidence that the country has now turned a corner," Katainen added.

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