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Papaconstantinou Says EU Cuts May ‘Choke Off Growth’

Greek Finance Minister George Papaconstantinou said he’s concerned markets may force European nations into too-severe budget cuts that could push economies back into a slump.

“I am not one of those who thinks all the European countries should press on the brakes and do deficit reduction in the way that would choke off growth,” Papaconstantinou said at an event in London late yesterday. “There is a story to be told, whereby some countries have to do serious deficit belt-tightening, others less so.”