Papandreou to Defend Austerity as Default Bets Mount
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Prime Minister George Papandreou will seek today to counter mounting domestic opposition to budget cuts and increasing doubts that Greece can avoid default as a three-year recession worsens.
With the country’s bond yields at records and European officials increasing pressure on the premier for more cuts before they dole out a sixth tranche of bailout loans, Papandreou will deliver a nationally televised address on the economy from the northern city of Thessaloniki at 8 p.m.