Greece given more time to meet targets

The deadline international lenders have set for Greece to meet its debt-cutting targets has reportedly been extended by two years.

The President of the Eurogroup — a meeting of the finance ministers of the eurozone — Jean-Claude Juncker said in Brussels following a gathering of the ministers on Monday that the group “concludes that the revised fiscal targets as requested by Greece and reported by the troika (the European Commission, the International Monetary Fund (IMF), and the European Central Bank) would be an appropriate adjustment for the further path of fiscal consolidation.”

Reporters say the troika approved the extension after the Greek government put forward an economic plan to gain 4.5 percent in gross domestic product by 2016.

Junker, however, postponed until November 20 the decision on whether to provide Greece with a bailout of EUR 31.5 billion.

Athens on Sunday approved austerity measures, expected to bring about EUR 9.4 billion in budget cuts for 2013. The Greek public on several occasions has expressed its anger at such measures with widespread strikes and demonstrations.

Despite the rescue push, Greece’s outlook for the next year has been rated as dismal with European Union budget predictions putting the debt-ridden country on a decline of nearly five percent and its debt amounting to EUR 346 billion.

Source: Press TV, 13 Nov 2012

Tom Sullivan