Greek Minister: E.U.-U.S. Cooperation Vital in Debt Crisis

Venizelos firmly denied rumors that Greek banks will need nationalizing.

Putting an end to the eurozone debt crisis requires active cooperation between the United States and the European Union, Greek Finance Minister Evangelos Venizelos said Tuesday.

If there is no "active and dynamic cooperation between the eurozone and the United States ... we will not be able to give a convincing answer to break through this climate of uncertainty and suspicion ... on the markets," Venizelos said at a conference promoting ties between Greece and the Arab world.

The minister firmly denied rumors that Greek banks will need nationalizing as part of the European rescue agreed to in July that is to include losses on Greek debt being shouldered by private investors.

"If someone has in mind a traditional and foolish plan to nationalize, they will not see it," Venizelos said.

He said that instead, any new rescue plan will strengthen banks "so that our banks can play a part at the European and Mediterranean level."

Copyright Agence France-Presse, 2011

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