Financial Times
June 7, 2011
Lawmakers from Greece’s governing Socialist party have rounded on George Papaconstantinou, the finance minister, over his handling of the country’s debt crisis as a senior International Monetary Fund official called for political consensus to re-invigorate economic reform.
Mr Papaconstantinou was accused of “squeezing” Greek taxpayers with successive tax increases, while failing to implement structural reforms that would unlock growth after more than two years of recession.
A €26bn medium-term austerity package agreed with the European Union and the Fund “runs a high risk of failing, just as last year’s measures have failed,” said Vasso Papandreou, a former development minister, during a stormy session on Tuesday of the socialists’ parliamentary committee for economic affairs.
Political tensions are running high as the government prepares to present the new measures to parliament before this month’s European summit, at which Greece hopes to secure a second EU-IMF bail-out loan.
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