Final touches put to more cuts, measures
Greece will detail more than 6 billion euros in spending cuts and revenue measures to meet the 2011 deficit target of 7.4 percent of gross domestic product over the next few days, Finance Minister Giorgos Papaconstantinou said yesterday.
He told an economic conference that the next steps in the government’s attempts to overhaul the economy needed the broad support of all, including opposition parties.
“The effort for the next steps isn’t a matter for a single government or a few ministers,” the minister said. It is one “for Greek society and must be endorsed by all political parties.”
In coming days, the Finance Ministry is also expected to unveil its midterm plan aimed at helping restore the country’s fiscal health, enabling a return to the debt market. Greece remains frozen out of bond markets by skyhigh interest rates as investors fret that Athens may eventually have to restructure its debt, set to top 150 percent of GDP this year.