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Post Office Head Compares Agency Shortfalls To Greece

Postmaster General Patrick Donahoe recently compared his agency’s financial situation to that of Greece, Reuters reports.

At a recent conference, he said the agency’s debt-to-revenue ratio similar to Greece’s debt-to-GDP ratio, Emily Stephenson reported.

Donahoe does not believe the agency will default on payments or need taxpayer funding to ease shortfalls, but said Congress should act soon to restructure the agency

In the first quarter of 2012, the Postal Service recorded a $3.2 billion loss.

The Senate passed a financial reform bill last April.

That plan includes workforce reduction, elimination of Saturday mail delivery and sets up a health benefits plan for the Postal Service to run independently from other agencies.

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