Merkel Says Greece ‘Grabbed the Bull by the Horns’

German Chancellor Angela Merkel said the Greek government’s announcement of additional budget-deficit cuts is a “courageous step” that’s already yielding results.

Greek Prime Minister George Papandreou and his government “took the bull by the horns for the first time, and we should be supportive toward Greece, not put up obstacles,” Merkel told reporters in Munich today.

The Greek government two days ago announced an additional program of budget-cutting and revenue raising measures amounting to 4.8 billion euros ($6.5 billion). Greece then sold 10-year bonds yesterday, with investors bidding for more than three times the 5 billion euros it sought to raise.


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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza