Greece upbeat on bid to exit from crisis

Debt-hobbled Greece may see a slightly milder than expected recession this year and aims to issue bonds again on international markets in 2011, the finance minister said Monday.

George Papaconstantinou said efforts to slash the gaping budget deficit from 13.6 in 2009 to 8.1 percent of gross domestic product in 2010 are well on track.

"We believe we will attain and perhaps exceed the target of 8.1 percent at the end of 2010," Papaconstantinou said. Athens has committed to bring the deficit under three percent of annual output in 2014.

Papaconstantinou told a press conference that initial forecasts of the recession-bound economy shrinking by four percent of GDP this year now appear "excessively pessimistic."

Read Full Article from The Associated Press

- Posted: 2010-07-05 10:00:51

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