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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Yemen launches offensive against al Qaeda | Video 10:07am EST Pending home sales tumble 16 percent in November 10:08am EST Obama to unveil counterterrorism reforms | Video 6:27am EST Democrats in final push on healthcare overhaul 9:33am EST Karzai to try again with new cabinet line-up 9:14am EST U.S. growth prospects deemed bleak in new decade 03 Jan 2010 Plunging home prices pull Manhattan buyers back in 3:29am EST Study finds quitting smoking raises diabetes risk 04 Jan 2010 FACTBOX-Major differences in US Senate, House health bills 8:00am EST Buffett warns Kraft on Cadbury bid 10:09am EST Greece vows tougher deficit cuts as EU visit looms Dina Kyriakidou ATHENS Tue Jan 5, 2010 10:13am EST Related News 10-yr Greek/Bund yield spread tightest since mid-Dec 6:56am EST Greece to borrow about £48 bln in 2010 Thu, Dec 24 2009 Moody's cuts Greece but says crisis still distant Tue, Dec 22 2009 TAKE-A-LOOK-Moody's cuts Greece ratings one notch Tue, Dec 22 2009 RPT-UPDATE 1-Moody's rating to help Greek debt issuance-PDMA Tue, Dec 22 2009 ATHENS (Reuters) - Greece said on Tuesday it would cut its double-digit budget deficit under the EU's 3 percent of GDP limit by 2012, a year earlier than previously planned, bowing to pressure from markets and euro zone peers. World A day before EU and ECB officials arrive for an inspection visit to Athens, the new socialist government set a more ambitious fiscal health target, pleasing bond markets but drawing skepticism from economic analysts. Greek Prime Minister George Papandreou told his ministers to move faster in cutting ballooning deficits and debt, a week before Greece taps international markets for funds. "The prime minister asked that the adjustment be front-loaded and that the reduction of the deficit takes place in three years," Finance Minister George Papaconstantinou told reporters after a cabinet meeting. "The fiscal adjustment will be done quickly to exit (EU) supervision so that we can turn a new page for the country." A team of EU and ECB officials is due in Athens this week to discuss fiscal measures in the euro zone's weakest link. The government had pledged in December to cut the deficit to 8.7 percent of GDP in 2010 from 12.7 percent last year and under the EU ceiling by the end of 2013. "Greece has to realize the tough situation it is in and prepare a credible plan of reducing the deficit, which would contain details of how they plan to do it, not only empty promises," said an EU official who declined to be named. TOUGH MEASURES NEEDED After winning elections on October 4 on promises of wage hikes and social spending, the socialists revealed the defeated conservatives had under-reported fiscal problems, and vowed to fix them with a 4-year plan. Measures included tax hikes, a more effective battle against tax evasion and a public sector hiring freeze. But markets and analysts were not convinced, asking for specific spending cuts especially in the state sector wage bill. Rating agencies downgraded Greek debt and the cost of Greek borrowing rose. "Markets want to see long-term measures, not short-term corrections, to ensure that fiscal consolidation will be sustainable. The set of policies should also look at the path of salaries which are not in line with productivity growth," said Marion Dezenter, an economist with Helaba Landesbank. Yield spreads between Greek bonds and benchmark German Bunds tightened to 217 basis points on the new deficit-cutting target from 237 earlier in the day. The country's debt agency said it would auction T-bills later this month, its first venture into markets this year. Spreads hit an eight-month high of over 270 basis points in December after consecutive ratings downgrades. Fitch and Standard & Poor's cut Greece's rating to BBB+, and Moody's to A2, raising concerns on whether Greek banks could use Greek bonds as collateral to raise ECB funds for much longer. "WE MEAN BUSINESS" A senior finance ministry official told Reuters the government would now cut the deficit by 4 percentage points this year and another 3 points each in the following two years, with good results becoming evident as of 2010. "This sends a strong message to markets that we mean business and we will do whatever it takes," said the official who requested anonymity. The government has stressed any long-term reforms would follow a social dialogue, apparently concerned about labor union reaction. December 2008 riots over the police shooting of a teenager, which turned Athens into a battle zone, were fueled by economic woes. Analysts say the reaction of trade unions will be key to push difficult reforms in pensions and education. "The Greek unions have got to get real. They will if the government stands up to them ... but if it starts wavering and giving in, the unions will see no reason to change their approach," said Chris Pryce, a director at Fitch. (Additional reporting by Ingrid Melander and George Georgiopoulos in Athens, Jan Strupczewski in Brussels; Editing by Stephen Nisbet) World Add a Comment More from Reuters Pending home sales tumble 16 percent in November WASHINGTON (Reuters) - Pending sales of previously owned U.S. homes fell more than expected in November because of the end of a rush to beat the initial expiration of a popular tax credit, a survey showed on Tuesday. Factory orders rose 1.1 percent in November Democrats in final push on healthcare overhaul Buffett warns Kraft on Cadbury bid Berkshire voted no on Kraft share issue for Cadbury Obama to unveil counterterrorism reforms | Video » More Top News Buffett warning shadows bid Kraft revised its $16.4 billion bid for Cadbury amid Warren Buffett's warning not to overpay. Full Article | Quote Factbox: How the new offer works Scenarios: What could happen next DEALS Obama's next step ... President Obama wanted to focus on job creation after the holidays. A failed Christmas Day bombing changed that. Full Article | Video Breaking down the bureaucracy Q&A: Homeland Security in the spotlight U.S. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal ECVJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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