Eurozone chief hails Greek action, vows solidarity
(BRUSSELS) - Jean-Claude Juncker, head of the eurozone finance ministers' group, hailed a Greek plan Wednesday to cut spending by 4.8 billion euros (6.5 billion dollars), saying financial aid would be there if needed to help fight the nation's debt crisis.
"Greece's ambitious programme to correct its fiscal imbalances is now credibly on track," said Luxembourg Prime Minister Juncker, who presides over the so-called Eurogroup.
He said the measures announced in Athens -- a pensions freeze, spending cuts and tax rises -- offered "a strong signal of the readiness of the Greek government to proceed with courageous decisions."
"The president of the Eurogroup confirms that euro area members stand ready to take determined and coordinated action, if needed, to safeguard the financial stability in the euro area as a whole."
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