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#Videocrux - Greek PM vows to slash public deficit by 2013 Greek PM vows to slash public deficit by 2013
Greek Prime Minister George Papandreou has vowed to bring the country's public deficit in line with eurozone requirements by 2013 amid the worst debt crisis in modern Greek history.
Greece faces the risk of sinking
A stark warning by no other than the country's own prime minister Georges Papandreou. With the public deficit forecast to rise to 12.7 percent of output this year -- that is, 300 billion euros' worth of debt -- the country’s economic credibility is on the line. The premier's address to the nation on Monday first sought to reassure. The deficit "will be lowered to under 7.0 percent of GDP from 2011" and will be "less than 3.0 percent of GDP by 2013," said Georges Papandreou, Greek Prime Minister.
Country to reduce public spending
Three years to get back within the eurozone limit of three percent. For Greece there’s only one way to get there: by drastically cutting down public spending. The goal is clear but the means still uncertain.
EU criticizes Greece for low transperancy
A lack of details -- that is precisely the criticism made by the EU, which wants to see a Greece get its public finances in shape, and fast. Athens promises more concrete measures are to come in January.
PM to face challenge in making Greece debt-ridden
For Papandreou, the biggest task now is to convince people -- investors and voters, in both Greece and abroad, that his plan will put an end to his country's financial chaos.

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