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Tags: EU | Greece | Economic | Woes

Greek PM Warns Country Sinking in Debt

Monday, 14 December 2009 02:28 PM

Greek Prime Minister George Papandreou says his country has lost international credibility and is in danger of drowning in debt.

Papandreou made the comments during a speech to business and union leaders Monday in which he outlined measures to pull Greece out of its worst debt crisis in decades. He pledged to bring the deficit, currently projected at 12.7 percent of economic output for 2009, to below the European Union limit of 3 percent by 2013.

The prime minister called for unity, saying that in the next three months his government would take decisions that have been put off for decades. Papandreou said, "Greece faces the risk of sinking under its debt," and the country "has lost every trace of credibility." He added that the markets want to see action.

Greece's debt has soared to a staggering 300 billion euros ($442 billion).


© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
Greek Prime Minister George Papandreou says his country has lost international credibility and is in danger of drowning in debt.Papandreou made the comments during a speech to business and union leaders Monday in which he outlined measures to pull Greece out of its worst...
EU,Greece,Economic,Woes
142
2009-28-14
Monday, 14 December 2009 02:28 PM
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