Greece pledges to cut steep deficit

2010-02-11 08:38 BJT

 

Greek Prime Minister, George Papandreou, has pledged to take "all necessary measures" to cut his nation's worrisome deficit. Our reporter explains some of the potential next steps for the debt-laden country.

Greece is under enormous pressure. The nation faces an unprecedented financial crisis, with a record deficit hogging up more than 12 percent of its Gross Domestic Product. That number is well above the safe limit of 3 percent set by the European Union.

After meeting with French President Nicolas Sarkozy in Paris, Greek Prime Minister George Papandreou pledged to take "all necessary measures" to slash his country's deficit by 4 points in 2010.

Greek Prime minister George Papandreou addresses journalists as he leaves a working lunch with France's President Nicolas Sarkozy, at the Elysee Palace in Paris. (AFP/Eric Feferberg)
Greek Prime minister George Papandreou addresses
journalists as he leaves a working lunch with
France's President Nicolas Sarkozy, at the Elysee
Palace in Paris. (AFP/Eric Feferberg)