Olli Rehn – Financial Affairs Chief for the European Union – said today that Greece is required to make additional budget cuts. The news came as rumors continued to grow that the EU was working on a rescue package to help the beleaguered country deal with its persistent debt crisis.
Rehn said that in addition to the actions already pledged by the Greek government to cut spending, further steps were necessary. According to Rehn, both the European Central Bank and the International Monetary Fund are in agreement with the EU’s position.
“I want to encourage the Greek authorities to consider and announce additional measures in the coming days”, Rehn said after meeting with Greece’s Finance Minister George Papaconstantinou in Athens. “I am aware that the effort of consolidation will not be easy, but it is my firm belief respect of the targets for deficit and debt reduction are indispensable.”
Source: The Associated Press