September 18, 2011
Greece will seek to persuade its lenders that it deserves another €8bn loan payment in a pivotal conference call on Monday as the government battles to head off a looming cash crunch.
The call will pit Evangelos Venizelos, the Greek finance minister, against representatives from the so-called troika that crafted the €109bn rescue package granted to Athens last year, including the European Commission, the European Central Bank and the International Monetary Fund.
The onus will be on the Greeks to prove they are delivering the budget cuts and fiscal reforms mandated by that emergency loan – a task that has grown more arduous as a deeper-than-expected recession has cut into tax receipts, leaving a bigger fiscal gap for Athens to close.
In addition, eurozone ministers at the weekend lowered revenue estimates for a proposed property tax, which the Greek government had hoped could raise about €2bn a year in 2011 and 2012.
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