June 2, 2011
Talks over new austerity measures required to keep Greece from defaulting on its debts are close to a conclusion, a European official said Thursday. A report from the negotiations will determine whether Greece gets the next installment of its existing rescue loan as well as a potential second bailout to cover its finances through 2013.
Experts from the European Union, the European Central Bank and the International Monetary Fund have been reviewing Greece's implementation of economic reforms and austerity measures promised in return for euro110 billion in rescue loans for much of the past month.
Greece is lagging behind cutting its massive budget deficit to the targets set out in its bailout program and the experts' long-delayed report will come hand in hand with further measures from the government to get its finances in order. They reportedly include a lower income tax threshold and tax hikes on tobacco, heating fuel and soft drinks.
The program review — and further commitment from the Greek government — are central to parallel discussions among other eurozone countries on a potential new aid package for Greece.
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