Greek Leader Says Deficit Cuts in Jeopardy Without E.U. Support

 

Greece's prime minister warned his European Union partners that he would not be able to make planned deficit cuts unless the country can borrow money more cheaply.

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  • Greek Prime Minister George Papandreou outlined sweeping public spending cuts on Monday to bring Greece's deficit into line and warned that a spiralling debt crisis could sink the economy.

  • The European Commission accepted Greece's plan to slash its budget deficit, but warned that further spending cuts and new taxes might be needed to fix the country's public finances.

  • Greece faced crunch time Wednesday as markets and anxious eurozone partners demanded a new austerity plan before deciding whether or not Athens deserves another chance to fix its debt crisis.If Athens cannot borrow the money it needs to cover a massive public deficit and debt, the country could go bankrupt, Prime Minister George Papandreou warned late Tuesday.That would create a huge headache for its European peers who are scared Greece's problems could thrash the eurozone's credibility.

  • Reuters - Greek Prime Minister George Papandreou said on Wednesday his debt-stricken country was not seeking European taxpayers' money but needed a breathing space to cut its budget deficit and borrow "on normal conditions".

  • The Greek government will announce as much as 4.8 billion euros (US$6.5-billion) of additional deficit cuts Wednesday, bowing to pressure from the European Union and investors to do more to tame the region’s biggest shortfall, a person familiar with the plan said

  • Greek Prime Minister George Papandreou confronted more anti-austerity protests Thursday as international institutions demanded deep reforms despite a new multi-billion-euro budget cuts.Three hundred communist union members invaded the finance ministry ahead of another major rally in Athens against the socialist government's campaign to slash spending.The government, needing to borrow money urgently to pay its bills, must also meet a promise to the European Union to reduce its public deficit this year by four percentage points from 12.7 percent.

  • Reuters - Greek Prime Minister George Papandreou said on Wednesday his debt-ridden country was asking for political support from the European Union to fend off speculators, not European taxpayers' money.

  • Greece’s plan to cut the European Union’s biggest budget deficit won European Commission backing after the government announced more measures to reduce the shortfall and try to quell investor concern that the nation may need a bailout

  • Greece's prime minister will meet opposition party leaders to ask for support on a deficit-reduction plan aimed at end the country's economic crisis.

  • Debt-hit Greece must step up spending cuts as other European taxpayers are not inclined to correct the mismanagement of past Greek governments, the head of the eurozone finance ministers said on Sunday."Greece must step up its efforts to limit its public deficit," Luxembourg Prime Minister Jean-Claude Juncker, head of the eurogroup of ministers that oversee the eurozone, said in a statement to Eleftherotypia daily."It must focus on further spending cuts and on ways to increase revenue."

 
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