Addressing the continuing turmoil in global financial markets over the possibility of state debt repayment troubles by governments in Greece, and also Portugal and Spain, the European Union's top economic official on Wednesday said that he sees "significant overshooting" the reactions on financial markets. European Commissioner Olli Rehn also said that "there is no other euro area member like Greece," referring to worries that other eurozone members will face similar troubles. "No one can deny that there are tensions in the financial markets," said Rehn, the EU's economic affairs commissioner. "But, as often in the financial markets, there is also significant overshooting. All euro area Member States are taking measures to consolidate their public finances, not least Spain and also Portugal. I want to underline that Greece is indeed a unique and particular case in the European Union. Greece has had particularly precarious debt dynamics and Greece is the only Member State that has cheated with its statistics for years and years. This is now being corrected the programme of last week is a turning point in this regard. I fully support the efforts of the Greek government. But I have to be frank and open, Greece is a unique and particular case and there is no other euro area Member State like Greece."

• published: 05 May 2010
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