September 11, 2011
Senior European officials scrambled to reassure financial markets that they were taking
more decisive action to deal with the worsening debt crisis, signalling that the most immediate impasse, a stand-off between Greece and its international lenders, may be resolved as soon as this week.
The Greek government announced on Sunday that it would impose a two-year property tax to raise €2bn ($2.7bn) this year, closing a €1.7bn budget gap that the European Union and International Monetary Fund said must be resolved or they would stop making bail-out payments.
“The choices made today have changed our prospects for the better,” George Papandreou, Greek prime minister, said of the measures. “They will stabilise the country and remove the prevailing feeling of insecurity.”
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