Greek Prime Minister George Papandreou announced the Greek government is unearthing what he referred to as “new holes” in the budget. The prime minister said officials find missing pieces everday as they gear up to announce the details of their plan to reduce the deficit by as much as 4.8 billion euros or $6.5 billion USD.
European and global pressure to reduce the size of the EU budget gap prompted Greece to began making serious deficit cuts which will include higher sales taxes on non-essential items like tobacco and alcohol as well as bonus cuts for public employees.
Greece is willingly pursuing severe measure of deficit reductions in order to win the sympathies and support of surrounding EU nations. Leaders have the difficult task of convincing their nation’s tax payers it is a cause worth supporting. It is an upward battle as many nations don’t feel that Greece deserves their support after years of irresponsible spending and concealed debt.
Papandreou is asking for support despite this, warning that while present measures are severe and potentially damaging to the economy, a recession remains a secondary threat behind the inability to borrow.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription
