!! History Commons Alert, Exciting News

Context of 'November 5, 2009: New Greek Government Pledges to Reduce Deficit in Draft Budget'

This is a scalable context timeline. It contains events related to the event November 5, 2009: New Greek Government Pledges to Reduce Deficit in Draft Budget. You can narrow or broaden the context of this timeline by adjusting the zoom level. The lower the scale, the more relevant the items on average will be, while the higher the scale, the less relevant the items, on average, will be.

The new Greek government headed by Georgios Papandreou of the Panhellenic Socialist Movement (PASOK) announces a draft budget that will cut the Greek deficit dramatically. According to the draft, the deficit will be cut from 12.7 percent of GDP, although measures to assist the poor will also be implemented. [Reuters, 3/3/2010]

Entity Tags: Georgios Papandreou, Panhellenic Socialist Movement

Timeline Tags: Global Economic Crises

The Greek government releases a final draft of its budget that aims to cut the deficit to 8.7 percent of GDP in 2010. The deficit is now well over 10 percent, so such a reduction would show EU partners and markets that the country is trying to sort its finances out. However, the draft budget also sees public debt rising to 121 percent of GDP in 2010, from 113.4 percent in 2009. EU forecasts on Greece for 2010 are worse, with the deficit seen at 12.2 percent of GDP and national debt rising to 124.9 percent, the highest ratio in the EU. [Reuters, 3/3/2010]

Timeline Tags: Global Economic Crises

In response to Greece’s financial problems, Greek Prime Minister Georgios Papandreou outlines policies to cut the country’s ballooning budget deficit and try to regain the trust of investors and EU partners. Papandreou pledges a 10 percent cut in social security spending in 2010. He also says he will abolish bonuses at government-run banks and put a 90 percent tax on private bankers’ bonuses. Further, he promises a serious fight against corruption and tax evasion, calling them the country’s biggest problems. In addition, he announces a drastic overhaul of the pension system in six months and a new tax system that will make the wealthier carry more of the burden. [Reuters, 3/3/2010]

Entity Tags: Georgios Papandreou

Timeline Tags: Global Economic Crises

Ordering 

Time period


Email Updates

Receive weekly email updates summarizing what contributors have added to the History Commons database

 
Donate

Developing and maintaining this site is very labor intensive. If you find it useful, please give us a hand and donate what you can.
Donate Now

Volunteer

If you would like to help us with this effort, please contact us. We need help with programming (Java, JDO, mysql, and xml), design, networking, and publicity. If you want to contribute information to this site, click the register link at the top of the page, and start contributing.
Contact Us

Creative Commons License Except where otherwise noted, the textual content of each timeline is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike