国际英语新闻：Greece could tide over economic crisis through speeding up reforms

The plan also envisages painful reforms such as the one of the pension system that raises the minimum age limit for retirement from 60 years old to 65, partial privatization of state companies, liberalization of closed professions and markets and other bold structural changes that are suggested by the EU and the IMF but are unwelcome by a large part of Greek society.

The country is hit by an ongoing string of general strikes and protests over the austerity measures that gradually seems to lose passion though. Early fears of social unrest have not come true yet, Greek citizens acknowledge the need of change, even though they do not agree with the mix of policies.

Opposition political parties and labor unions insist that there is an alternative way to exit the crisis, avoiding more austerity measures that add unfair burdens to low income households and law abiding entrepreneurs.

But government officials argue that Greece has no space for maneuvers, needs to show immediate results in the first half of the battle and these come only through the painful austerity measures introduced.

Ten months after the outbreak of the crisis Athens has won high remarks by the IMF and the EU which follow closely the course if its program and financial figures.

Foreign officials and experts, as well as local analysts applaud for instance the impressive reduction of the budget deficit to 8.1 percent of GDP in less than a year.

But they still point out to the major challenges that could derail the Herculean task of reducing the deficit to less than three percent by 2013 and return the country on the right track of growth. The fiscal discipline policies had a positive outcome so far on the reduction of state expenses, but there is still a revenues shortfall.

Representatives of trade chambers, consumer groups and economists warn that the fiscal adjustment by decreasing incomes and profits, while increasing taxes struggles companies and individuals.

Recession has reached approximately four percent this year and one in five small family enterprises faces the prospect of closure in the following months, as consumption has dropped dramatically.