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Greece vows to cut deficit


Greece vows to cut deficit


Greece’s prime minister George Papandreou has vowed to do whatever it takes to reduce the country’s vast deficit as European partners increased pressure on Athens to take action.

“We must close the credibility gap to survive as a sovereign and cohesive nation,” Papandreou told a televised cabinet meeting.

His statement came a day after the country’s credit rating was cut to the lowest in the euro zone.

The national debt is forecast to hit 125 percent of gross domestic product next year.

French Finance Minister Christine Lagarde said she did not think Greece could go bankrupt but it must make a real effort to clean up its public finances.

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