Financial Times
June 27, 2011
Greece’s parliament on Monday began a three-day debate on brutal austerity measures after €600m ($856m) of additional last-minute savings were agreed with international lenders.
Evangelos Venizelos, finance minister, told deputies that €300m of additional revenues would be raised from new taxes, with the remainder coming from spending cuts, but he gave no details.
Negotiations on the package had continued over the weekend after experts from the European Union, International Monetary Fund and European Central Bank identified yet another hole in this year’s budget, caused this time by unexpectedly high tax rebates.
Monday’s revision, the third since Greece’s finance ministry started negotiations on the four-year package in early May, reflects continued spending overruns and revenue shortfalls this year as socialist government officials – from cabinet ministers to tax collectors – withheld support for the reform effort.
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