By Christoph Dreier:
The troika calls for further cuts in Greece
By Christoph Dreier
17 November 2012
“These will be the last cuts,” Greek Prime Minister Antonis Samaras recently declared. He was attempting to dampen the massive popular opposition to the austerity measures dictated by the European Union.
But just one day after the Greek parliament adopted an austerity budget for 2013, the troika (the European Union, the International Monetary Fund and the European Central Bank) demanded further cuts of at least 17.4 billion euros over the next three years.
The report presented November 12 by the troika admits that the Greek government has implemented “very ambitious” cuts, but then proceeds to paint a devastating picture of Greece’s economic prospects.
The report praises the government for overriding popular opposition to impose wage cuts and labor market “reforms”. Greece is once again becoming “competitive”, it declares.
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