Greek Prime Minister George Papandreou (R) talks to his Finnish counterpart Mari Kiviniemi during their meeting at Kesaranta Residence in Helsinki February 23, 2011. [Photo/Agencies]

HELSINKI -- Visiting Greek Prime Minister George Papandreou on Wednesday expressed hope for an extension on repayment period of Greek loan from the European Union and the International Monetary Fund (IMF).

At a joint press conference held after talks with Finnish Prime Minister Mari Kiviniemi, Papandreou said that Greece has undertaken major reforms in the country's pension and tax system as well as public administration, and the spending has been greatly reined in.

However, he hoped that the repayment period of EU-IMF loans for Greece could be extended. He said that certain measures to manage the debt in a better way will calm the market, stressing that he can guarantee that the loan will be paid back with interest.

Finnish Prime Minister Mari Kiviniemi said that the EU is ready to make a comprehensive package, which will calm down the financial market.

According to Kiviniemi, possible new arrangements for the stability of vulnerable countries like Greece will be part of the package.

Debt-burdened Greece was forced to tap a 110 billion-euro loan facility last May from the European Union and IMF after being shut out of the debt market. The loan has been scheduled to be repaid by the end of 2016.