Voices from Russia

Sunday, 29 January 2012

Greece Rejects Proposal to Cede Budget Control


On Sunday, the BBC reported that Greece rejected suggestions that it should cede control over its budget to an EU outsider. Greek Minister of Culture and Tourism Pavlos Geroulanos told the BBC it would be “impossible” for Greece to accept such a deal. He responded to a leaked German proposal for a EU budget commissioner to take control over the country’s tax and spending powers, saying “We’ve given up quite a bit, but I think sovereignty’s a red line that no-one would dare cross. I’d rather resign as a minister than allow anybody to tell us the way we should be spending our money”. Meanwhile, Greece and the creditors who own Greek bonds are said to be close to a deal to significantly reduce the country’s debt, paving the way for it to receive much-needed further bailout funds from the European Commission, the European Central Bank, and the International Monetary Fund (IMF). The parties involved could finalise a deal next week.

29 January 2012



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