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
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