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Europe Gives Greece Two More Years for Budget Cuts
Keywords:
Greece passed what prime minister Samaras called the last of the austerity cuts in November 2012 and called for action by lenders in the EU. The EU's Rehn says it is time to dispel the notion that Greece has not made progress in making the economic changes needed. Finance ministers of the eurozone meeting in Brussels agreed to give Greece two more years to reach deficit reduction targets. The cost of this to the eurozone will be 32.6 billion euros. A $40 billion payment to Greece is still on hold till Nov. 20, 2012. The cuts passed in parliament in November 2012 by the Samaras government will raise 17 billion euros over 4 years. The 2013 budget passed in parliament has cuts of 9.4 billion euros to salaries pensions and benefits, and raises the retirement age from 65 to 67. As of Nov. 2012 the bailout packages to Greece from the eurozone countries are at $240 billion.
Antonis Samaras of Greece's New Democracy Party and the European Union programs for Greece
07/05/2011
Samaras says the tax increases will hurt the Greece economy and the shrinking Greek economy under the current program will lead to the failure of the E.U.'s program for Greece.
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Fractious Greek Government Splits
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Greek Draft Budget Sees Primary Surplus, Return to Growth
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Athens's Love Affair With the Euro Persists
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Next Hurdle for Greece's Economy: Its Own Political Uncertainty
New York Times 10/13/2014
The new administration of Antonis Samaras in Greece with finance minister Yannis Stournaras- June 2012
07/26/2011
Stournaras, say experts, is a good choice because of the vast expertise and fresh ideas he bring to revive Greece's economy.
Grouped Articles
Frenemies: Two Greek Rivals Hold Nation's Fate in Balance
Wall Street Journal 07/26/2011
New York Times 06/23/2013
Fractious Greek Government Splits
Wall Street Journal 06/25/2013
Greek Draft Budget Sees Primary Surplus, Return to Growth
Wall Street Journal 10/14/2013
Mark Mobius Plans to Buy Greek Equities for First Time in a Decade
Wall Street Journal 10/21/2013
Athens's Love Affair With the Euro Persists
Wall Street Journal 11/04/2013
Greece's austerity measures, politics and the 2012 elections
07/26/2011
The prospects of combined vote of 30-35% for the two major political parties of Samaras and Venizelos with the rest of the vote splintered among extreme right and left wing parties, in the the 2012 Greece elections.
Grouped Articles
Frenemies: Two Greek Rivals Hold Nation's Fate in Balance
Wall Street Journal 07/26/2011
New York Times 06/23/2013
Fractious Greek Government Splits
Wall Street Journal 06/25/2013
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Greece's Fringe Parties Surge Amid Bailout Ire
Wall Street Journal 03/28/2012
In Greece, austerity kindles deep discontent - The Washington Post
Washington Post 03/31/2012
The steps towards renegotiating the March 2012 bailout deal for Greece by the coalition governmment of Antonis Samaras
07/01/2011
Participation by the ECB, the IMF and the EC in negotiations with the new Greek government of Antonis Samaras to come up with a revised loan agreement for Greece. New Democracy's Samaras, the new prime minister of Greece in June 2012, has insisted that the terms should include ways in which Greece can return to growth, and the Democratic Left party, the third coalition partner, has insisted that the timetable for the deficit targets needs to be extended and the harshest austerity measures such as cutting the minimum wage be cancelled.
Grouped Articles
Frenemies: Two Greek Rivals Hold Nation's Fate in Balance
Wall Street Journal 07/26/2011
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
New York Times 06/23/2013
Greek Draft Budget Sees Primary Surplus, Return to Growth
Wall Street Journal 10/14/2013
Greece's Path Back (5)- Negotiation after Negotiation for a Greece that "is really bleeding" 2011-2012
08/24/2012
Linked Articles
France, Germany Unify Approach to Greek Talks
Wall Street Journal 08/24/2012
Europe Gives Greece Two More Years for Budget Cuts
New York Times 11/12/2012
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