Tags: Greek | Premier | Country | Not | Heading | Bankruptcy

Greek Premier: Country Not Heading For Bankruptcy

Thursday, 23 Dec 2010 09:10 AM

Greece's prime minister insists the country is not heading for default, despite a continued increase in the national debt and renewed warnings from ratings agencies.

George Papandreou, speaking before a crucial budget vote, insisted his Socialist government's drastic austerity measures would stabilize public finances — helped by an international bailout loan package worth 110 billion euros ($144 billion).

Lawmakers began voting late Wednesday on the 2011 budget, which would trim another euro5 billion off the country's budget deficit despite a third year of recession.

Greece's debt-to-GDP ratio is set to exceed 150 percent in 2011, from 127 percent in 2009.

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Greece's prime minister insists the country is not heading for default, despite a continued increase in the national debt and renewed warnings from ratings agencies. George Papandreou, speaking before a crucial budget vote, insisted his Socialist government's drastic...
Greek,Premier,Country,Not,Heading,Bankruptcy
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2010-10-23
Thursday, 23 Dec 2010 09:10 AM
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