Greece unveils more cuts in 2011 budget

Greece unveils more cuts in 2011 budget
ATHENS, Greece (AP) — Crisis-hit Greece pledged Thursday to slash another €5 billion from its deficit next year, making deeper cuts than planned in the 2011 budget to ensure it sticks to the terms of an international rescue deal.
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With the global economy still struggling, the Greek government insists there is no danger of the country defaulting on its debt and needing a bail-out from partners in the euro zone. It comes after panic hit the Athens stock exchange in December, when leading agencies downgraded Greeces credit rating after a sharp rise in the deficit. In an attempt to restore confidence, the government has announced a freeze on wages in the public sector. Barnaby Phillips reports from Athens.