Samaras Pledges Promised Greek Reforms as Doubts Rise on Targets

Page last updated at 17:32 GMT, Wednesday, July 11, 2012 - 22:32 EST

San Francisco Chronicle:

Greece’s government will implement reforms to convince the European Union and the International Monetary Fund of the need for more time to reduce the budget deficit as officials confirmed the country will fall short of promised funds from the sale of state assets this year.

Prime Minister Antonis Samaras met with coalition partners Evangelos Venizelos, the head of the Pasok party, and Democratic Left leader Fotis Kouvelis in Athens yesterday after Finance Minister Yannis Stournaras had a first meeting with euro-area counterparts. An official at the state-asset sale fund said Greece won’t be able to raise 3.2 billion euros ($3.9 billion) this year.

“We must pursue reforms, we must convince them that the recession is worse than expected, we must sell state assets, to prove our credibility,” Venizelos told reporters after the meeting. “Talks are never easy. It is important to present the right arguments.”

Read the whole story: San Francisco Chronicle