Speaking to the US network CNBC, Finance minister Yiorgos Papakonstantinou attributed the spread between the Greek and German government bonds to the wider turbulence on the market, rather than to a real danger of Greece defaulting on payments.
"The spreads remain where they are due to the more general turbulence on the European markets," Papakonstantinou told CNBC on Tuesday.
"We have all realised that this is a systemic issue for Europe," he added.
The spread between Greek and German ten-year government bonds have reached an all-time high since Greece's accession to the eurozone, having exceeded ten percent.
Papakonstantinou said he was anticipating a "major decision" over the next two months that "will clarify, once and for all, the issue of debt sustainability in the eurozone".
The EU member countries intend to adopt a permanent rescue mechanism as of 2013 and the relevant decision requires revision of the Lisbon Treaty so as to enable assistance to eurozone member states facing problems.
The permanent mechanism will be activated upon the expiry of the current mechanism being used for support to Greece and Ireland.
"All the necessary mechanisms that need to be activated will be in place so as to convince the markets that the eurozone will defend itself, its currency, the countries that are doing everything necessary to be fiscally responsible as well as competitive in the eurozone," Papakonstantinou stressed.
ANA-MPA
