TNBiz (TNBiz)
Finance  |  September 12, 2010 15:12:01

The Greek government wants to reduce the deficit without further austerity measures


Mediafax

Thessaloniki (MEDIAFAX) - Greece will be able to keep their plans to reduce the budget deficit approved by international lenders without having to introduce new austerity measures. Has reported on Sunday, Reuters, referring to the statement of Greek Prime Minister George Papandreou.

The efforts of Greece to get out of debt crisis, which got into trouble the whole euro area, the Greek Prime Minister convinces markets and reduce the cost of debt.

"Debt restructuring would be a disaster for the economy, credibility and our future," Papandreou said. "We would have to reckon with the collapse of the banking system, which would be a tragedy for the household. About this better not talk," he added.

Greece must reduce this year its budget deficit to 8.1 percent of gross domestic product (GDP) last year from 13.9 percent of GDP. Commit itself to a loan in exchange for 110 billion euros (2.7 billion crowns), which came from the European Union (EU) and International Monetary Fund (IMF).

Strict austerity measures - raising taxes and reducing salaries in the public sphere and the reduction of income - on the other hand, affected the country's economic activity, income to the state budget and plunged the country into even deeper recession.

According to Papandreou, while budgetary revenues are weak, the Greek prime minister, however, confident that they will meet before the end of a plan to reduce the deficit without having to introduce additional austerity measures.

The fall in budget revenues, the share is almost 1.5 billion euros (about 37 billion dollars). "Because, as we proceed, and the measures that we adopted, I am sure that the target for this year we will meet," said Papandreou.

David Vandrovec, vandrovec@mediafax.cz

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