Greece Passes 2012 Budget

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06 December 2011

(ATHENS, Greece) – The interim Greek government passed a series of unpopular tax hikes and spending cuts to complete its 2012 budget. The package is a signal that Greece is attempting to sort out its finances. Prime Minister Lucas Papademos believes the budget will create the conditions necessary for recovery. Conservative leader Antonis Samaras, however, vows to ease the tax burden if elected prime minister in February. The New Democracy party lost control in 2008. If Antonis Samaras comes to power in 2012, he will likely lead a coalition government. New Democracy is unlikely to have a majority in parliament.

Comment – The economic turmoil in Greece is far from over. No political party is currently in position to have a clear majority in the government. This is likely to cause many debates and political maneuvering. If Greece is to continue receiving aid from the European Union, it will have to hit budget benchmarks. So far it has been unable to do so.

Source:
http://www.reuters.com/article/2011/12/06/us-greece-idUSTRE7B52Q520111206

Reliability: 9

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