Debt management agency looks to exotic options
Constantine Karamanlis: The high debt burden remains a pressing concern for the Greek prime minister |
FOLLOWING THE FINAL revision of Greece’s fiscal accounts, the result of an audit undertaken a short time after the conservative government came to power early in March 2004, the country’s 2004 budget deficit skyrocketed to 6.1% of GDP and its public debt to 110.5% of GDP, surpassing even the most pessimistic projections.
Under these circumstances the country will have to convince credit agencies and markets that its public finances have entered into a new, sustainable, virtuous cycle if it is to win a credit upgrade.
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