LONDON (MarketWatch) -- Greece's parliament on Thursday approved the Socialist government's 2010 budget plan, which includes spending cuts and tax rises designed to slash the nation's massive deficit from 12.7% of gross domestic product to 9.1%, Dow Jones Newswires reported. The package passed along party lines, with the 160-seat Socialist majority voting in favor while the nation's four opposition parties voted 139 against. Greece has seen its sovereign credit ratings cut by major ratings agencies and has come under heavy pressure from the European Union to aggressively rein in its deficit. Worries about Greece's fiscal position have put the nation's government bonds under pressure and undercut the euro in recent weeks. http://www.marketwatch.com/story/greek-parliament-approves-austerity-budget-report-2009-12-24
US deficit 2009 12.93% of GDP (I know it is projected to be 8.54% in 2010, lets see how long that figure holds up) Welcome to the future, it has arrived.
Reality bites. They should had approved lower budgets at least a decade ago. Maybe it is too late, despite the cuts? A default is imminent?