Greece’s government plans to reduce the budget shortfall by 5 billion euros ($6.8 billion) next year by cutting state spending and increasing sales taxes to meet targets under a European Union-led rescue.
The deficit will decline to 7.4 percent of gross domestic product, or 17 billion euros, from 9.4 percent of GDP this year, according to an e-mailed statement from the Athens-based Finance Ministry today. That compares with a target of 7.6 percent under the May agreement with the EU and the International Monetary Fund to secure 110 billion euros in emergency loans... --
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Comment: Greece is doing its homework. No need to worry anymore. Let's go sailing. Where? In Greece, of course. Book your cruise.
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