September 19, 2011
Promising to defy international sceptics, Greece pledged to hold good to its plan to post a primary surplus in 2012, ahead of an emergencyconference call with its international creditors scheduled for Monday evening.
Greek finance minister Evangelos Venizelos admitted that the country was "behind with the implementation of fiscal reforms", but insisted that it would deliver on its pledges. Greece's budget targets have increasingly derailed in recent weeks, leaving the country struggling to tackle a budget deficit projected to reach 10% by 7 December.
"We will do what it takes to achieve a primary budget surplus in 2012, despite the fact that we are living though a recession that is unprecedented," Venizelos told a conference in Athens, amid predictions of yet more spending freezes and benefit cuts. "It is not rational or responsible to continue to increase the debt when our partners are helping us deal with the national debt."
The comments came as world stock markets fell, driven by disappointment that Europe has still not resolved the Greek debt crisis.
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