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Greece 'worthy' of eurozone place Greece 'faces sinking under debt'
(about 6 hours later)
The Greek finance minister, George Papaconstantinou, has defended the country's position in the eurozone. The Greek prime minister has warned that the country is at risk of "sinking under its debts".
Greece's deficit has risen to more than 12% of national output this year, which is above the EU limit of 3%. George Papandreou made the comments in a speech to business and union leaders, and is due to outline how the government plans to cut spending.
But he said Greece was worthy of its place because it "abides by the rules" and was "not the only eurozone country with a deficit of that order". Greece's deficit has risen to more than 12% of national output this year.
His comments come ahead of the Greek government outlining its plan to deal with the country's debt. Last week, international ratings agency Fitch downgraded the country's credit rating - meaning that it thought Greece was now a riskier place to invest.
Finance Minister George Papaconstantinou earlier defended Greece's position in the eurozone, despite its deficit being far above the European Union limit of 3%.
He said Greece was worthy of its place because it "abides by the rules" and was "not the only eurozone country with a deficit of that order".
Mr Papaconstantinou told the BBC: "Greece is not the next Iceland, nor is it the next Dubai... it is tackling the very serious situation that we have.Mr Papaconstantinou told the BBC: "Greece is not the next Iceland, nor is it the next Dubai... it is tackling the very serious situation that we have.
"It is doing it with specific measures that cut expenditure and increase government revenue and also it is a government which is immediately tackling long-term structural problems," he added."It is doing it with specific measures that cut expenditure and increase government revenue and also it is a government which is immediately tackling long-term structural problems," he added.
Last week, international ratings agency Fitch downgraded Greece's credit rating - meaning that it thought the country was now a riskier place to invest. Since last week's decision by Fitch, Greece has come under increasing pressure to take action over its deficit from the European Central Bank.
Since then Greece has come under increasing pressure to take action over its deficit from the European Central Bank.
However, Collin Ellis, European economist at Daiwa Securities, says that "the idea that the euro area is on the the brink of losing Greece and possibly other members is simply absurd".However, Collin Ellis, European economist at Daiwa Securities, says that "the idea that the euro area is on the the brink of losing Greece and possibly other members is simply absurd".
He argues that there is still time for the Greek government to sort out its finances, and, should it not be able to, "it is inconceivable that other euro area member states and, if necessary, international organisations would not step in". He believes there is still time for the Greek government to sort out its finances, and, should it not be able to, "it is inconceivable that other euro area member states and, if necessary, international organisations would not step in".