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Greece fails to reassure markets with 76bn debt `road-map`
Date 18/04/2011 14:33  Author webmaster  Hits 971  Language Global
18 APR 2011

Greece left markets disappointed after it sketched out fresh measures to shrink its debts but put off giving detail until after Easter.

By Emma Rowley | Sunday Telegraph

Meanwhile the pressure intensified for Ireland, as credit rating agency Moody's downgraded its view of its government debt to just above "junk" status.

Politicians are fighting to contain the ongoing debt crisis in the eurozone which has seen Greece, Ireland and Portugal request bail-outs.

The Greek government on Friday laid out a "roadmap" targeting €26bn (£23bn) of savings and €50bn of asset sales by 2015, as it tried to reassure investors it will not default on its debts, expected to total more than €340bn this year.

"Greece's problems won't be solved by restructuring its debt but by restructuring the country," said George Papandreou, the prime minister.

However, many said the plans lacked detail and suggested the €50bn figure for potential privatisations was too optimistic.

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