NewYorkTimes--Greek Leaders agree on Spending Cuts--PM
Greek Political Leaders Agree on Spending Cuts: PM
Published: February 5, 2012 at 2:43 PM ET
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ATHENS (Reuters) - Greek political leaders have agreed to spending cuts worth 1.5 percent of gross domestic product this year, Prime Minister Lucas Papademos said in a statement on Sunday after talks with party chiefs in his coalition.
That included measures to cut wages and non-labor costs to make the Greek economy more competitive, he said.
He confirmed that the three party leaders will meet again on Monday to conclude negotiations on Greece's second financing package.
Greece's lenders have demanded spending cuts worth about 1 percent of GDP -- or just above 2 billion euros -- this year.
And the point is? This is old news. The market priced in a Greek restructuring weeks ago. I would side with the US eco-info which has been better lately. The question is does Europe which is probably in recession right now drag down other nations?