Greece: New measures to reduce deficit

The Greek government is outlining details of its plan to reduce massive debt and deficit. The nation will submit the proposal to the European Commission on Friday.

Greece is setting ambitious deficit reduction targets. The administration is determined to return to solid economic growth next year. The country's fiscal woes prompted ratings downgrades and higher borrowing costs. The Senior finance official says the deficit will be cut by 4 percent this year. He also says the Greek economy will expand next year. Opinion polls show most Greeks support the tougher measures.