Tomorrow, Greece’s Prime Minister George Papandreou will take part in a crucial meeting in Luxembourg with Eurogroup President Jean-Claude Juncker. Delegates will table new austerity measured envisaged by the medium-term financial plan for 2012-2015 introduced by his government following extensive and harrowing negotiations with ”Troika” (IMF EU, ECB) representatives.
The new measures, which should bring the state coffers some 6.5 billion euros within a year, will no doubt trigger new responses from the opposition and trade unions alike. Finance Ministry officials who took part in the negotiations claim, according to Greek newspapers, “Troika representatives gave us no room for manoeuvre.”
The new measures, which the government will have to implement immediately if it is to tackle the serious financial situation head-on, mostly involve budget cuts for the state’s administrative expenditure, fiscal reform and privatization.
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