Greeks demand action on debt crisis / Greeks move on costs and corruption

Leading economists and bankers warned that Greece must announce bold initiatives in December 2009 to rescue its collapsing bond market and avert the possibility of defaulting on a rising public debt.

George Papandreou, Prime Minister, was due to outline structural reforms aimed at cutting the budget deficit from 12.7% to 3% of gross domestic product – the limit allowed by the eurozone’s stability and growth pact – over the next four years on the 15 December 2009.

Deutsche Welle, 15.12.09: EU demands concrete action following Greek austerity call http://www.dw-world.de/dw/article/0,,5017089,00.html

European Commission: MEMO/09/555: Statement by Commissioner Joaquín Almunia on Greece http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/555&format=HTML&aged=0&language=EN&guiLanguage=en

ESO: Background information: Greece admits it is riddled with corruption http://www.europeansources.info/record/greece-admits-it-is-riddled-with-corruption/

Kathimerini, 14.12.09: PM to show hand on economy http://www.ekathimerini.com/4dcgi/_w_articles_politics_100002_14/12/2009_113296

Spiegel Online International, 14.12.09: 'Punitive Measures Are Not Appropriate'. Interview with Greek Finance Minister http://www.spiegel.de/international/europe/0,1518,666912,00.html

Deutsche Welle, 14.12.09: Greek prime minister calls for new social deal, spending cuts http://www.dw-world.de/dw/article/0,,5013337,00.html

France24, 15.12.09: PM outlines massive spending cuts, warns of 'sinking' under debt http://www.france24.com/en/20091215-papandreou-greek-prime-minister-sinking-under-debt-300-billion-euros-fitch

BBC News, 14.12.09: Greece is at risk of 'sinking under its debts' http://news.bbc.co.uk/1/hi/business/8411749.stm

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