Friday, April 15, 2011

Greece Plans $110 Billion in Cuts, Asset Sales to Slash Debt

Greece Plans $110 Billion in Cuts, Asset Sales to Slash Debt - Businessweek

(Updates with bond yields in fourth paragraph, Papandreou comments in fifth and in ninth.)

April 15 (Bloomberg) -- Greece plans to carry out 76 billion euros ($110 billion) in austerity measures and state- asset sales to meet budget-deficit goals as Prime Minister George Papandreou vowed the country won’t restructure its debt.

Greece will enact 26 billion euros in deficit cuts and 50 billion euros in asset sales through 2015, the Finance Ministry said today in an e-mailed statement from Athens. The measures will cut the deficit to near 1 percent of gross domestic product by 2015, from a targeted 7.4 percent this year, Finance Minister George Papaconstantinou said.

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