From the Associated Press:
Greece is relying on rescue loans to remain solvent. But lagging efforts to tame a bloated budget deficit and enforce reforms are threatening that lifeline, which is conditional on fiscal progress.
Athens is trying to convince international creditors that it deserves to get the next, sixth tranche of money due from a bailout fund. Government spokesman Elias Mossialos said late Monday that Greece will get the bailout money.
Despite over 20 months of austerity and two international bailouts each worth about euro110 billion ($150 billion), Greece’s finances remain in a parlous state.
Over the past few days, Finance Minister Evangelos Venizelos has issued a series of pledges to accelerate delayed reforms meant to cut the cost and size of the public sector, and raised the prospect of firing up to 20,000 public servants–which would break a major taboo in a country where state employees have guaranteed jobs for life.
In a last desperate bid to plug the revenue hole, the government on Sunday imposed a new, two-year blanket tax on property.
The planned second Greek bailout has faced delays in implementation–not least because of Finland’s demand for collateral for its contribution, which annoyed other Europeans.
Merkel said she was “very optimistic” of resolving that.
“I think we want to, and will, find a way that is in principle open to all partners and still fulfills Finland’s requirements,” she said.
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