Bloomberg News

Greece’s Venizelos Says Budget Agreement a Great Achievement

December 07, 2011

Dec. 7 (Bloomberg) -- Greek Finance Minister Evangelos Venizelos said the parliamentary approval received today for the nation’s 2012 budget was a “great achievement.”

The financial plan that aims to almost halve the deficit shortfall from a debt writedown and ensure Greece remains a member of the euro area was necessary, Venizelos said in recorded comments that were broadcast during an investor conference in New York today.

The 2012 fiscal plan, which forecasts a deficit of 5.4 percent of gross domestic product and a fifth year of contraction, is designed to regain the confidence of creditors and secure resumption of international financing for Greece. Standard & Poor’s yesterday warned it may downgrade 15 euro-area governments on lack of decisive action to tackle the region’s debt crisis, days before European leaders meet the next two days during a summit in Brussels.

--With assistance from Marcus Bensasson and Maria Petrakis in Athens. Editor: Dave Liedtka

To contact the reporter on this story: Cordell Eddings in New York at ceddings@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net


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