Greece should intensify its efforts to counteract the effects of the financial crisis, which threatens to spread to other countries in the region. This was declared by the financial ministers of the EU.
recent proposals of the Greek Government said the reduction in expenditure of approximately 10 billion euros ($ 14.4 billion), and an increase in budget revenues, which will allow this year to reduce the deficit from 12,7% of gross domestic product to 8 7%. The plan includes the sale of state assets worth 2.5 billion euros this year.
“This program relies heavily on one-time measures - said Dutch Finance Minister Wouter Bos. - should be implemented more thorough approach to solving the problem.” “The credibility of any plan will always be very low, yet they do not prove the market that they really can take effective action”, - said Swedish Finance Minister Anders Borg.
countries of the eurozone as a whole of Greece welcomed plans to reduce the debt burden and reduce the state budget deficit, which the Greek Finance Minister Giorgos Papakonstantinu introduced his European counterparts on Monday evening. However, the finance ministers of Greece advised to rely on themselves, in dealing with the encroachment of state debt, while guaranteeing some support from other countries in the economic community.
international rating agencies, Moody “s, SP, and Fitch has lowered a rating of Greece because of the huge budget deficit and national debt that exceeds 120% of GDP. The majority of participants in world financial markets are skeptical that Athens will be able to fulfill the obligations of debt.
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