Stiglitz says Greece is able to reduce budget deficit without any aid

By IBTimes Staff Reporter | February 09 2010 1:46 PM

Joseph Stiglitz, who won Nobel Prize in 2001, mentioned that the Greece, which has the largest budget deficit in Europe, is able to slash budget deficit without any aid from the EU. He sees that plan set by the Prime Minister George Papaconstantinou which includes pensions revamp and levying taxes on Greeks profits is a crucial step towards restructuring the economy.

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He added that the main concern is from speculations that boosted the Greek bonds to their highest in roughly 10 years. Papaconstantinou mentioned that his country does not need help from the EU, while Trichet expressed his confidence concerning the Greek plan.