Greece Pledges to Cut Budget Deficit to Meet EU Rules

Greek Prime Minister George Papandreou has asked for efforts to cut the nation's debt to be speeded up. Photo by BGNES

Greece has said it will have its budget deficit back within European Union rules within two years - one year earlier than previously planned.

The country has been under severe pressure from its fellow eurozone countries, as well as the financial markets it depends on to fund its debt, the BBC reported.

On Wednesday, officials from the European Union and the European Central Bank are planning to visit the country.

Greece is one of the most heavily indebted countries in Europe. Its deficit is running at 12.7% of gross domestic product. The EU's limit is 3%.

Greece's finance minister, George Papaconstantinou, told reporters that the prime minister had asked for efforts to cut the nation's debt to be speeded up.

"The prime minister asked that the adjustment be front-loaded and that the reduction of the deficit takes place in three years," he said.

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