Greek budget plan to get tough scrutiny from EC, ECB

01/5/2010 | Financial Times (tiered subscription model)

Officials from the European Central Bank and the European Commission will go to Athens, Greece, on Wednesday to take a hard look at the Greek government's plan to reduce its budget deficit, EU officials said. Greece's projected budget deficit for 2009 and 2010 is far greater than what the central bank is willing to permit. Greece, which plans to borrow $78 billion from financial markets, has public debt that is expected to hit 125% of this year's GDP, the highest in the EU.

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