Financial Times
December 6, 2011
Greece’s prime minister has wrapped up a five-day budget debate by warning the country faces several more years of austerity, even if the reform timetable is implemented as planned.
Lucas Papademos, a former vice-president of the European Central Bank, told his parliament on Tuesday: “There’s no swift or easy exit from this crisis ... but it’s a historic opportunity to rebuild the state and the economy, this time on firm fiscal foundations.”
The premier, who heads a cross-party coalition government that will take Greece to elections early next year, said the “two big challenges” in 2012 would be to reduce tax evasion and keep spending under control.
The budget was approved by 258 to 41 votes. Lawmakers from the socialist, conservative and rightwing parties that support Mr Papademos’s coalition government voted in favour, while leftwing groups voted against.
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