Greece is back from the brink of financial disaster and has paved the way for the future, Greek Prime Minister George Papandreou proclaimed Thursday.
The austerity measures implemented by the Papandreou government have been met by widespread protests as the nation backs away from the brink of bankruptcy. The Greek prime minister said he has changed the things holding his country back by cleaning fiscal house, restoring confidence in its institutions and addressing Greece’s credibility gap. Previous governments had underestimated the nation’s debt.
The changes implemented by Papandreou have cut government spending, including wage and pension reforms, and changes to the tax code, giving the Greek government an opportunity to rebuild. He said Greece will have cut its deficit by at least 5.5 percent of gross domestic product by the end of the year.