Egypt PM: Austerity measures necessary to salvage economy

By REUTERS
December 11, 2011 16:47

 
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CAIRO - Egyptian Prime Minister Ganzouri told Egyptians on Sunday that the economic situation was worse than anyone imagined and that there was a need for austerity to rein in the burgeoning budget deficit.

Ganzouri, 78, also said in a news conference live on state television that re-establishing security would be a priority for the "national salvation government" that he unveiled last week.

"The economic situation is worse than anyone imagines," he said, describing what he said were policy failings during the last decade of ousted President Hosni Mubarak's rule.

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