Greek PM to announce economic crisis plan
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
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.