Greece must announce bold initiatives in the next few days to rescue its collapsing bond market and avert the possibility of defaulting on a rising public debt, leading economists and bankers warned yesterday.
George Papandreou, prime minister, will today outline structural reforms aimed at cutting the budget deficit from 12.7 per cent to 3 per cent of gross domestic product – the limit allowed by the eurozone's stability and growth pact – over the next four years.
But observers were pessimistic last night that Mr Papandreou would reverse his current policy and call for an immediate freeze on public sector wages and higher excise taxes.
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