German Chancellor Angela Merkel said the Greek governmentÃ¢â‚¬â„¢s announcement of additional budget-deficit cuts is a Ã¢â‚¬Å“courageous stepÃ¢â‚¬Â thatÃ¢â‚¬â„¢s already yielding results.
Greek Prime Minister George Papandreou and his government Ã¢â‚¬Å“took the bull by the horns for the first time, and we should be supportive toward Greece, not put up obstacles,Ã¢â‚¬Â 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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