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Greece Will Tackle Deficit on its Own: Norwegian PM

Monday, 22 Feb 2010 | 7:40 AM ET

Greece is taking responsibility for its own financial problems and it will tackle its public deficit without a bailout, Norwegian Prime Minister Jens Stoltenberg told CNBC Monday.

Greece Will Tackle Deficit: Norwegian PM
Greece is taking responsibility for its own financial problems and it will tackle its public deficit without a bailout, Norwegian Prime Minister Jens Stoltenberg told CNBC Monday.

"I think that the Prime Mister of Greece George Papandreou was very clear that he takes responsibility for the policy of his government… They will manage that without asking for aid or help or bailouts from other countries," Stoltenberg said.

Norway, which is not a European Union member, will not come to the aid of Greece as the problems are the sole responsibility of Greece, he added.

- Watch the full interview with Jens Stoltenberg above.

Stoltenberg is still cautious on the outlook for the global economy and thinks Norway is finding the right balance between stimulating its own economy by fiscal means and establishing growth in the private sector.

"The crisis is not over. We see weak demand, we see weak growth and we see increasing unemployment and, because of this, big uncertainty about what is going to happen with the international economy," Stoltenberg said.

It is unclear whether Norway has benefited from not being part of the euro zone, according to Stoltenberg.

"There are always advantages and disadvantages of being part of a common currency," he said.

Norway is not part of the monetary union after a referendum over European Union membership in 1994 showed public opinion was not in favor of joining, Stoltenberg pointed out.

Meanwhile, the European country has strived to not be too dependent on oil revenues ever since it discovered its substantial oil reserves, Stoltenberg said.

"We have limited the spending on oil revenues very much and therefore we are not so dependent on oil revenues because we have saved most of them," he said.

Contact Europe: Economy

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