Greek PM to announce economic crisis plan
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Last Updated: Monday, December 14, 2009, 23:45
  
Athens: Greece's new government readied plans on Monday to slash deficits and boost confidence in the country's shaky finances by cutting bloated public payrolls and going after rampant tax evasion.

Greeks concerned about how spending cuts would affect them were awaiting a speech by Prime Minister George Papandreou outlining the government's efforts.

European Union officials have warned that Greece must deal with its problems itself and not expect a bailout.

A delegation from Moody's credit rating agency was in Athens to review the economic situation, which has seen the country's projected deficit swell to more than 12 percent of economic output this year.

That is four times the limit imposed European Union as a condition of using the euro currency, and twice the previous official projection.

The country's debt has soared to a staggering euro300 billion (USD 442 billion).

Moody's put Greece's government credit rating under review for possible downgrade in late October, and a verdict is expected by early next year at the latest.

PTI


First Published: Monday, December 14, 2009, 23:45


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