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| Eurozone crisis: Greece faces more cuts after talks with EU, ECB and IMF | Eurozone crisis: Greece faces more cuts after talks with EU, ECB and IMF |
| (7 months later) | |
| With pressure mounting on Greece to apply yet more stinging austerity in exchange for further rescue funds – or face the prospect of bankruptcy and default – inspectors representing the debt-choked country's troika of creditors held discussions in Athens on Sunday with the finance minister, Yiannis Stournaras. | With pressure mounting on Greece to apply yet more stinging austerity in exchange for further rescue funds – or face the prospect of bankruptcy and default – inspectors representing the debt-choked country's troika of creditors held discussions in Athens on Sunday with the finance minister, Yiannis Stournaras. |
| Envoys from the EU, ECB and IMF spent almost three hours examining the controversial package of €11.7bn (£9.4bn) in spending cuts that Greece has finally drawn up after months of tortuous wrangling. A senior official said that, though the climate was good – reflecting the noticeable shift in stance towards Athens in recent weeks – the atmosphere was also intense with "fierce horse-trading" over measures that many fear will exacerbate the recession-plagued nation's plight if they are enforced, as foreseen, between 2013 and 2014. | Envoys from the EU, ECB and IMF spent almost three hours examining the controversial package of €11.7bn (£9.4bn) in spending cuts that Greece has finally drawn up after months of tortuous wrangling. A senior official said that, though the climate was good – reflecting the noticeable shift in stance towards Athens in recent weeks – the atmosphere was also intense with "fierce horse-trading" over measures that many fear will exacerbate the recession-plagued nation's plight if they are enforced, as foreseen, between 2013 and 2014. |
| Amid heightened political tension and growing opposition on the street, the two leftwing leaders supporting the shaky coalition government also met prime minister Antonis Samaras late on Sunday in a last-ditch effort to soften the impact of the cuts. | Amid heightened political tension and growing opposition on the street, the two leftwing leaders supporting the shaky coalition government also met prime minister Antonis Samaras late on Sunday in a last-ditch effort to soften the impact of the cuts. |
| Increasingly, the socialist Pasok leader, Evangelos Venizelos, and the Democratic Left leader, Fotis Kouvellis, have stepped up criticism of the measures, saying they will unfairly hit society's most vulnerable, particularly pensioners and low-income workers. | Increasingly, the socialist Pasok leader, Evangelos Venizelos, and the Democratic Left leader, Fotis Kouvellis, have stepped up criticism of the measures, saying they will unfairly hit society's most vulnerable, particularly pensioners and low-income workers. |
| But with Greece's place in the eurozone and his own survival dependent on the reforms, Samaras, who is to hold talks with troika officials on Monday, has dug in his heels. Opening the country's international trade fair in Thessaloniki at the weekend, he insisted that the €31.5bn cash injection Greece stands to receive in return for the cuts will instantly improve the liquidity of the country's cash-starved market. In recent months, he said, Greece "had come very close to leaving the eurozone." | But with Greece's place in the eurozone and his own survival dependent on the reforms, Samaras, who is to hold talks with troika officials on Monday, has dug in his heels. Opening the country's international trade fair in Thessaloniki at the weekend, he insisted that the €31.5bn cash injection Greece stands to receive in return for the cuts will instantly improve the liquidity of the country's cash-starved market. In recent months, he said, Greece "had come very close to leaving the eurozone." |
| • Read Phillip Inman's article Primary Greek tax evaders are the professional classes. | • Read Phillip Inman's article Primary Greek tax evaders are the professional classes. |
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