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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Lazarus who wrote (75528)	6/23/2011 12:09:27 PM
From: elmatador	1 Recommendation Read Replies (1) \| Respond to of 217620

Greece warned on austerity ‘black hole’ By Kerin Hope in Athens International lenders have told Greece to take additional revenue-raising measures to close a “black hole” in its €28bn medium-term austerity package before it is approved by legislators next week. Experts from the “troika” – the European Union, International Monetary Fund and European Central Bank – have identified a financing gap of €5.5bn in the four-year programme of fiscal and structural reforms. About €600m of that amount has to be raised in the next 18 months in order to keep budget targets on track, a Greek official said. Evangelos Venizelos, the finance minister appointed in last week’s cabinet reshuffle, held emergency talks on Thursday with a visiting troika mission on boosting revenues from income tax and excise taxes on fuel, officials said. George Papaconstantinou, the former finance minister, made several changes to the measures agreed with the troika earlier this month, so that the cabinet and deputies in the governing socialist party would agree to the package. Mr Venizelos was due to make an announcement on the new measures later in the day, before flying to Brussels to join George Papandreou, prime minister, at the EU summit. Analysts said the EU and IMF were intensifying pressure on Mr Venizelos to make specific commitments on targets that had not been precisely defined in the document agreed by his predecessor. “There was a change of guard, the new minister doesn’t have an economic background and there are fears measures could be relaxed for political reasons…So they are tightening the screws,”said one observer. The medium-term package, including the additional measures, is due to be voted through parliament next week Its approval would open the way for Greece to receive a €12bn loan tranche in mid-July, needed to avoid defaulting on a sovereign debt repayment.