4
March
Greece passes new deficit cuts to avert 'catastrophe'
4 March 2010 The Telegraph
George Papandreou, the Greek prime minister, said on Wednesday that the measures, which include higher taxes on alcohol and cigarettes, were needed to avoid a fiscal 'catastrophe.'
Greece has been at the heart of a financial storm so far this year that has left European Monetary Union facing the severest crisis in its short history. Scepticism about whether German and French voters would stomach bailing Greece out of its debt crisis has driven Greece's cost of borrowing to its highest since it joined the eurozone.
