Bloomberg News

Venizelos Says Austerity Law Approval Led to Granting of Loan

October 27, 2011

Oct. 27 (Bloomberg) -- Greek parliamentary approval of a new package of austerity measures led to approval of the next installment of Greece’s international loan package, Finance Minister Evangelos Venizelos said.

If Greece’s partners were not convinced that the country can generate a primary surplus in 2012, they wouldn’t have agreed to the “radical plan” decided at the the meeting of European leaders earlier today, Venizelos said in comments televised live on state-run NET TV.

Without the plan, Greece’s debt ratio would be 173 percent in 2020 while now it will cut the debt-to-gross domestic product ratio by 50 percentage points, he said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Maria Petrakis at mpetrakis@bloomberg.net


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