October 3, 2011
Greece conceded on Monday that it would exceed its targets for government borrowing in 2011, laying bare the key argument between Athens and its creditors as the government seeks the next tranche of loans to prevent it running out of cash.
But is the Greek government the innocent victim of an unexpected and deep recession, or has Athens shown insufficient zeal in its efforts to get borrowing down?
As Evangelos Venizelos, Greek deputy prime minister and finance minister, entered the eurogroup meeting in Luxembourg on Monday night, he insisted the problem was the former. “Greece has decided all the necessary and difficult measures to fulfil its obligations towards its institutional partners,” he claimed.
But the country’s latest budgetary tax increases and spending cuts, forced on Athens by the troika of the European Commission, the European Central Bank and the International Monetary Fund, suggests its lenders believe it has more to do.
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