Prime Minister George Papandreou said cuts are inevitable if the country is to keep afloat.
“The measures we must take, which are economic measures, are necessary for the protection of our country. For our survival, for our future. So we can stand firmly on our feet,” Papandreou said in parliament.
Greece spent freely for years and ran up debt equal to 115 percent of gross domestic product. It has been in effect shut out of bond markets to refinance its debt pile because investors fear default and are demanding high rates of interest the government says it cannot pay.
- Greece plans drastic cuts and tax increases to keep country afloat, AP, April 30, 2010.
About the author:
Zhang Xin is Trainer at chinadaily.com.cn. He has been with China Daily since 1988, when he graduated from Beijing Foreign Studies University. Write him at: zhangxin@chinadaily.com.cn, or raise a question for potential use in a future column.
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