Headline Alert
Global Debt Update: This Little Piggy Is In Trouble
The countries being referred to as the ‘PIGI’s’ (Portugal, Italy, Greece, Ireland, and Spain) have gained notoriety in the financial community lately due to each country’s sovereign debt difficulties.
Today, Greece’s Prime Minister Papandreou said that Greece has debt close to €300B and is in “critical condition.”
The wires report that Papandreou says that Greece doesn't have the luxury of time and that decisions will be made within the next 3 months. He suggests that radical reform is in the immediate future.
Papandreou says the 2010 budget deficit cut is nearly 4 percentage points and that Greece will use permannent measures to cut the deficit.
StreetAccount notes that Greece's budget deficit currently stands at 12.7% of GDP. Papandreou says the deficit will be under 5% by 2012 and under 3% by 2013.
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