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November 5, 2009: New Greek Government Pledges to Reduce Deficit in Draft Budget

2009-11-05

The new Greek government headed by Georgios Papandreou of the Panhellenic Socialist Movement (PASOK) announces a draft budget that will cut the Greek deficit dramatically. According to the draft, the deficit will be cut from 12.7 percent of GDP, although measures to assist the poor will also be implemented. [Reuters, 3/3/2010]