Financial Times
June 23, 2011
International lenders have told Greece that the €28bn austerity package agreed to last month is no longer sufficient, and that Athens must close a €5.5bn “black hole” in the plan before it is approved by legislators next week.
George Papandreou, the Greek prime minister, has already struggled to gain support for the plan, which the European Union and International Monetary Fund have insisted is a prerequisite for a €12bn ($17bn) aid payment, which Athens must receive by mid-July or it will default on its sovereign debt.
But a technical team sent to Athens this week by the so-called troika – EU, IMF and European Central Bank – identified a financing gap of €5.5bn in the four-year programme of fiscal and structural reforms, according to a Greek official.
About €600m of that amount has to be raised by the end of the year to keep budget targets on track, the Greek official said.
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