Reuters
April 15, 2011
Greece laid out plans to sell stakes in key state firms and make further budget savings on Friday but failed to quell fears of debt restructuring fanned by a German official's comments.
The premium it costs Athens to borrow on debt markets rose sharply for a second day -- by more than half a percentage point -- after a German deputy minister was quoted as saying it "would not be a disaster" for the debt-choked country to restructure.
Greece said budget slippages this year will be covered with additional measures totaling 3 billion euros, including fighting tax evasion and further state spending cuts, while privatizations will bring in 2 to 4 billion euros in 2011.
"The government presented today a broad and specific mid-term fiscal plan up to 2015," Finance Minister George Papaconstantinou told Reuters. "This shows the commitment and willingness to proceed with fiscal consolidation and proceed further with structural reforms."
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