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In 2010 Greece will be the country with the highest debt in the EU

11 January 2010 / 09:01:37  GRReporter
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Global markets began the New Year positively with large growth. Dow Jones closed the week with 10,618.2 points, with growth of 1.6%. Nasdaq also increased and closed with 2317.17 points with growth of 1.8%. Overseas London's FTSE 100 closed with 5530.9 points - with weekly growth of 2.4%. In Japan, Nikkei closed with 10,798 points, and as the other major indexes, closed with 1.8% growth. In Greece, the Athens Stock Exchange closed with 2327.6 points, with growth of 5.3% - the largest weekly increase since the socialist government took power. 

    Last week the European Union sent a team of experts, who will assess the government's plan to revive the Greek economy. The submission deadline of the plan in Brussels is January 20. The Ministry of Economy said on Friday that the team had asked for specific numbers and dates of the measures, which will reduce the deficit and raise public finances, and the focus should be on ministries of health and internal affairs, where, according to the Union the most money is wasted. EU also said that this year Greece will have the largest debt within the union. 

    Following the meeting, Finance Minister Giorgos Papakonstantinou said the image of Greece around the world does not show a true and fair picture of the economy of the country. "The bad reputation of the country is due to the actions of the previous government. I feel awkward when I have to respond to European Commission charges, which are no longer valid. We have never asked for help from the European Central Bank or any member state of the union, nor will we in the future. Whatever problems we have, we can deal with them alone." 

    On Thursday, the government increased taxes on cigarettes and alcohol - a measure expected to raise about €1 billion. The next measure planned by the government is a pension reform, which is expected to be introduced towards the end of April. 

    In other economic news the price of oil soared to $83.52 - 14-month record. This is mainly due to the cold weather, which took over China, the United States and western Europe.

Tags: FTSE Nasdaq Dow Jones Greece economy EU
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