Greece"s new government pledged in its 2010 draft budget today to save the country from bankruptcy by cutting the deficit while keeping electoral promises to weather the impact of the crisis and help the poor, according to Reuters. Greece forecast on Thursday a 0.3 percent contraction of its GDP in 2010 whereas the EU sees most other euro members growing out of recession. It will become the euro zone"s most indebted country, after being second to Italy for years. "We need to save the country from bankruptcy," Socialist Prime Minister George Papandreou, who won an Oct. 4 election, told a televised cabinet meeting. "We can get out of the crisis." Greece aims to reduce its budget deficit by more than 3 percentage points of gross domestic product (GDP) next year but the ratio will still be three times larger than the 3 percent ceiling set for euro area members, the government said.
