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19 September 2011

WSJ: Greece seeks further cuts


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Greece's government held an emergency cabinet meeting Sunday to plan new measures to bring its unruly budget deficit into line, after heated warnings from the other eurozone nations over the weekend that its efforts were insufficient and might threaten the delivery of future aid.


During a late-evening break in the meeting, Finance Minister, Evangelos Venizelos, pledged that Greece would adopt a raft of new budget-cutting measures endorsed by the "troika" of European Commission, International Monetary Fund and European Central Bank inspectors overseeing the country's bailout.

In a fiery statement released after the meeting, Mr Venizelos lashed out at his political opponents—but also, unusually, at the euro-zone countries that are funding Greece and administering its bailout. "We should not be the scapegoat or the easy excuse that will be used by European and international institutions in order to hide their own lack of competence to manage the crisis", he said.

Full article



© Wall Street Journal


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