Greek premiere George Papandreou tried to reassure the country's creditors that he would improve the country's fiscal health, after Fitch cut Greece's credit ratings last week.
"Greece, with so much potential, is in critical condition," he said. The raft of measures included a reduction in defense spending in 2011 and 2012; slashing bonuses across the public sector; reducing social security and government operating expenditure by 10 percent each, and salary caps for public utility directors.
Not surprisingly, the cost to insure against Greece defaulting on its debt soared recently. From CMA Datavision:
Best of luck to Greece, but I worry about the socialist party's ability to right the ship. Socialists are better known for "re-distributing" the spoils created from Capitalism, rather than actually creating wealth.
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