| Author (Person) | Phillips, Leigh |
|---|---|
| Series Title | EUObserver |
| Series Details | 5.4.11 |
| Publication Date | 05/04/2011 |
| Content Type | News |
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The Greek government was readying a further raft of fresh austerity measures in April 2011 aiming to raise some €25 billion over the next four years. According to Greek daily Kathemerini, the measures will focus on tax hikes rather than cuts to social services this time, with an increase in road tax, the extension of excise duties to non-alcoholic beverages and a boost in the VAT rate from 13% to 23% on certain items. Some euro zone governments are concerned that Greece will not be able to refinance itself and may have to restructure its debt, the Financial Times Deutschland reported on the 6 April 2011. In a speech in Athens on the 12 April 2011 the President of the European Council Herman Van Rompuy expressed his confidence, based on his experience as former Prime Minister in a debt-stricken country, that Greece would come stronger out of the current difficulties: 'My message today to the Greek people is simple and straightforward: the reforms that are being implemented by this Government are necessary to make Greece more competitive, more modern and better able to grow faster and create more jobs'. President Van Rompuy also underlined the balance in the European Union between solidarity and individual responsibility in safeguarding the common European good, be it the single currency, the internal market or a common border. Van Rompuy stressed that Europe 'is not to blame' for the 'unavoidable changes' Greece is being obliged to make, noting these measures should have been implemented long ago and 'are in Greece’s long-term interest'. On the 15 April 2011 the Greek government presented its midterm fiscal plan for the 2012-15 period. This included the sale of holdings in key state companies such as utilities and banks with the aim of raising some €15bn by 2013 and up to €50bn by 2015. |
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| Source Link | Link to Main Source http://euobserver.com/9/32123 |
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| Countries / Regions | Europe, Greece |
