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Greece must cut budget gap by 5 pct in 2 yrs

Source: Reuters - Tue 20th Oct 2009

Greece must cut its budget deficit by 5 percentage points in the next two years, the country's central bank said on Tuesday in an interim monetary policy report.

"The structural budget deficit must be cumulatively reduced by 5 percentage points in 2010-2011 and onwards by an annual1.5-2 percent for a series of years" the Bank of Greece said inits report.