Crisis forcing problems to be addressed

In a report titled ‘Greece’s New Decade,’ Citigroup said yesterday the crisis ‘helps in forcing Greece to solve decades of problems in the near future.’ Despite Prime Minister George Papandreou (pictured in Strasbourg yesterday) and Finance Minister Giorgos Papaconstantinou talking about plans to improve the country’s fiscal health, the markets want more drastic spending cuts, it added. ‘We believe that some of the worst-case scenarios in the market about Greece being kicked out of the eurozone are far-fetched,’ it said. The bank prepared three scenarios for the Greek economy in the year ahead, predicting that the most likely one involves Greece cutting its deficit by 4 percent after additional mild measures.

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