Greece vows to Change

Greece is in trouble.  Ok, so that’s no news – we all know that the country, which was downgraded by credit ratings agencies, has economic problems.  But now they have vowed to change the situation by cutting their deficit by a huge amount over three years.

Greece’s plan – which involves reducing the deficit from 12.7% to 3% by 2010 – is being met with furrowed brows and sceptical comments from many within the EU and European Commission.  But the head of the EC has said that Greece will receive support in its intentions – and will be kept under close scrutiny in doing so.

The Greek Prime Minister, George Papandreou, has said that measures such as public sector pay freezes and tax increases will be carried out to stave the massive shortcoming.

The foreign exchange market has been keeping a nervous eye on Greece and the euro has been taking pressure from nervous investors.

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