Global Biz

Greek PM vows to deepen economic reforms

(Agencies)
Updated: 2011-04-15 17:37

ATHENS - Greece's prime minister has vowed to continue with deeper structural reforms to overhaul the debt-ridden country's economy, adding that austerity measures taken so far are just the begining.

Related readings: China, Greece pledge to further enhance ties  Greek minister’s China visit highlights maritime cooperation  Greek protesters clash with police  Greek entrepreneur values 'China factor'

Prime Minister George Papandreou made the comments Friday at a Cabinet meeting where he was to present a midterm package of economic measures worth euro23 billion ($33 billion), which will run from 2012 to 2015.

He did not specify what reforms were being considered, but said the government aimed to reduce spending to 44 percent of gross domestic product by 2015 - which he said was the EU average - from the 53 percent it stood at in 2009.

Greece was saved from default last year with a euro110 billion package of bailout loans. In return, it has imposed strict austerity measures.