September 6, 2011
Greece
Under heavy fire from German and Finnish politicians, George Papandreou's left-of-centre government is facing accusations of backsliding. Having committed itself to huge cuts in state spending and a €50bn (£44bn) privatisation programme to gain a second EU bailout package, the fear around Europe and the US is that Papandreou cannot force through the reforms needed to make the cuts work. The interest rate for the government to borrow for two years is now more than 50%, showing investors do not want to go near the Greek economy. Officials on Tuesday denied newspaper claims they had asked for faster bailout payments to fill the gap left by lower taxes and higher spending.
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