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Greece has pledged to cut its 2009 budget deficit of 13.6 percent of GDP to 8.1 percent (Photo: jay bergsen)

The worst of Greece's crisis is over, Papandreou says

Greek prime minister George Papandreou said Tuesday (July 27) the worst of the economic crisis is over for his cash-strapped country and the euro area, and that the EU reaction to the challenges proved apocalyptic prophecies wrong.

Mr Papandreou also urged neighbouring Bulgaria to drop plans to leave a trilateral project to pipe Russian crude from the Black Sea directly to the Greek Aegean coast, bypassing the congested Bosporus Strait in Turkey.

"Despite facing markets' and analy...

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Greece has pledged to cut its 2009 budget deficit of 13.6 percent of GDP to 8.1 percent (Photo: jay bergsen)

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