Greek Premier to present financial clean-up plan

GREECE: New measures to prevent the country's bankruptcy will be presented tomorrow by Prime Minister Giorgios Papandreu, who is interested in cleaning up the crisis-hit finances.

He announced the possibility to take additional measures to the program implemented under the supervision of the European Union, which set a month-long deadline to present first results. Papandreu told deputies of the ruling Socialist Party that the nation is in a war situation against negative economic scenarios.

The current situation was described by him as a bankruptcy nightmare during which no salary or retirement pension could be paid. He said it is necessary to prevent the country from plunging at any cost and regardless of the reaction to decisions taken. Greece is going through a serious financial crisis, with a public deficit of 12.7 percent and a debt of 113 percent of its Gross Domestic Product. It is addressing this situation by implementing an ambitious, unpopular austerity program.

Different sectors and main labor unions have been on strike for weeks now, and a great public sector mobilization has been called for March 16.

Papandreou announced a council of ministers for tomorrow to define measures demanded by the European Commission, including an increase in the value-added tax on products and in tariffs on alcohol, cigar and fuel.

The plan might include more salary cuts in the public sector. Athens, Wednesday, Prensa Latina