| Author (Person) | Chaffin, Joshua |
|---|---|
| Series Title | Financial Times |
| Series Details | 10.2.12 |
| Publication Date | 10/02/2012 |
| Content Type | News |
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Eurozone finance ministers dismissed as incomplete a reputed €3.3bn package of Greek budget cuts presented to them by Greece on the 9 February 2012 in the hope of securing a new €130bn bail-out and sent the country’s finance minister back to Athens with a fresh set of demands and an urgent deadline. In exchange for signing off on the loan, which Greece is depending on to avoid a potentially chaotic default in March 2012, its lenders are demanding €325m in further cuts to the 2012 budget, parliamentary approval of a sweeping reform package by the 15 February 2012 and a pledge from the country’s political leaders to ensure that they will maintain their commitment after the April general election. Eurozone leaders also warned of more intensive involvement in the Greek economy to improve tax collection and accelerate the sale of state-owned assets. Lucas Papademos, Greece’s prime minister, had notched up his first political win on the 9 February 2012, after days of missed deadlines, by persuading party leaders to override their populist instincts and back another round of austerity measures. But a swift political backlash underscored the caretaker premier’s next challenge: to get cabinet backing on the 10 February 2012 for €3.3bn of spending cuts, and push the measures through parliament at an emergency weekend session on the 12 February 2012. |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe, Greece |
