Analysts wary of Greece's debt crisis plan

A group of financial analysts in the United States have announced that the US economy is on a sustainable path to recovery, but it will take some time before unemployment figures return back to normal.

In Greece, however, financial woes have been causing a great deal of concern across the eurozen because the country is suffering from a budget deficit that is four times the EU limit.

The European Commission can impose fines on Athens, but such a step could only worsen Greece's financial problems.

In an ambitious effort to reduce their debt, the country has submitted a plan to the commission that promises to tackle their debt downgrade with spending cuts over a three-year period.

Al Jazeera's Barnaby Phillips reports from the Greek capital where analysts are sceptical that plans will succeed.

Jan 15, 2010

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News & Politics

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• europenews
• barnaby phillips
• athens
• greece
• financial crisis
• european union
• european commission
• credit crisis
• united states
• aljazeera
• al jazeera