Garganas calls for sharp fall in deficit and debt

Bank of Greece Governor Nicholas Garganas told a parliamentary committee on Wednesday 9 March that Greece's economy does not face a crisis, but the government must try to lower budget deficits and public debt even sooner than mandated by the European Union.

"The economy is not in crisis... the decline in the rate of GDP growth was expected," Garganas told members of the Economic Affairs Committee while presenting the bank's annual report on monetary policy.

"The decision (by the European Counci