BREAKING NEWS

Greek PM: country not heading for bankruptcy

By ASSOCIATED PRESS

DECEMBER 23, 2010 01:15

Greece's prime minister insists the country is not heading for default, despite a continued increase in the national debt and renewed warnings from ratings agencies.

George Papandreou, speaking before a crucial budget vote, insisted his Socialist government's drastic austerity measures would stabilize public finances — helped by an international bailout loan package worth €110 billion ($144 billion).

Lawmakers began voting late Wednesday on the 2011 budget, which would trim another €5 billion off the country's budget deficit despite a third year of recession.

Greece's debt-to-GDP ratio is set to exceed 150 percent in 2011, from 127 percent in 2009.

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