Saturday March 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
IMF says no more scope for tax

As government officials continued talks on a second rescue package for Greece with visiting foreign auditors Tuesday, the top envoy to Athens from the International Monetary Fund said that cuts to public spending were crucial, noting that there was no more scope for taxation on an austerity-weary public.

“One of the things we have seen in 2011 is that we have reached the limit of what can be achieved through increasing taxes,” IMF mission chief Poul Thomsen told reporters in a conference call. Referring to the Fund’s latest report on Greece, Thomsen said reform efforts had fallen “well short” of expectations but that it was too early to to confirm whether new austerity measures would have to be taken in 2012. He stressed however that any additional measures should “be on the expenditure side.”

His comments came as government figures showed that the budget deficit in November was 20.5 billion euros, a high figure but just within the revised target of 21 billion euros set by foreign creditors.

Thomsen added that a voluntary bond swap -- dubbed “private sector involvement” (PSI) and currently being discussed between government officials and private holders of Greek debt -- was also crucial for fiscal recovery.

Finance Minister Evangelos Venizelos, who has also repeatedly emphasized that the PSI program is key to Greece’s recovery, Tuesday stressed the importance of boosting growth in the depressed economy.

Talks with visiting European Commissioner for Regional Policy Johannes Hahn focused on “the sector of public investment, the sector of structural programs,” Venizelos said, adding that his aim was to “unite these in a common approach that gives hope and prospects, because the great problem of the Greek economy is disappointment.” Greece’s greatest need, he said, was “to see that there is a future ahead of us, that there are prospects. This will mobilize efforts and will mobilize capital.”

IMF and EU auditors are scheduled Wednesday to meet Prime Minister Lucas Papademos who is subsequently expected to convene a cabinet meeting to discuss the progress of negotiations with auditors and the crucial PSI program.

Papademos met with President Karolos Papoulias Tuesday but the men made no statements after the talks.

ekathimerini.com , Tuesday December 13, 2011 (22:26)  
Defense minister Kammenos sues commentator for 1 mln euros
Reform talks move to Brussels
China and Greece look to closer ties, as FM heads to US
British Museum rejects request for Unesco mediation on Parthenon Marbles
Fitch downgrades Greece amid bailout uncertainty
Ratings agency Fitch has downgraded Greeces sovereign rating amid growing uncertainty over the new government's pledge to overhaul reforms needed to restart bailout loan payments and avoid d...
Bank accounts continue to bleed
Pressures on Greek bank deposits have continued in March, with sector officials estimating that households and enterprises have withdrawn a net 3 billion euros in the first weeks of this mon...
Inside Business
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
SOCCER
Greek federation backs injured Holebas
The Greek soccer federation on Friday insisted that international defender Jose Holebas had been dropped from team training in Austria because of injury and not for any other reason. Media r...
Inside Sports
COMMENTARY
Time to get moving
More than two months have passed since the elections and the government has to stop running around in circles and adopt a program of specific reforms, with detailed calculations as to their ...
EDITORIAL
The same old story
One of those infamously bad practices that the political system has been accused of for years is being propagated by the new government today, as it is appointing party cadres and politician...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Fitch downgrades Greece amid bailout uncertainty
2. Greens live dangerously in Istanbul
3. Bank accounts continue to bleed
4. Hania and Athens are the top picks for Easter visitors
5. Landlords to pay tax on unpaid rent
6. Air arrivals grow 20 pct in Jan-Feb 2015
more news
Today
This Week
1. Fitch downgrades Greece amid bailout uncertainty
2. Greek future as trade hub in limbo amid Syriza split on railways
3. Greek gov't denies finance minister Varoufakis to resign [Update]
4. Bundesbank's Weidmann says euro zone debt in 'danger zone,' opposes more aid for Greece
5. New Democracy's political council convenes to decide line opposite gov't
6. Clocks go forward one hour on Sunday
Today
This Week
1. Next Monday is D-Day for state funds
2. EU asks Greece for more reforms to speed talks on bailout
3. PM faces Merkel amid race to detail reforms
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Looking at the Chinese model
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.