La Grecia, secondo fonti governative vicine al Dow Jones Newswire, si accinge ad annunciare già la prossima settimana nuove misure di austerità, in risposta alle pressioni provenienti da EU ed FMI.
le misure dovrebbero generare risorse aggiuntive per 2-2,5 mld euro rispetto a quelle già deliberate (e che valgono fra gli 8 e i 10 mld euro in nuove risorse)
- FEBRUARY 23, 2010, 7:33 A.M. ET
Greece Set To Announce More Cuts As EU, IMF Officials Visit
By Costas Paris and Alkman Granitsas
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--The Greek government is due to announce further austerity measures, maybe as early as next week, in response to pressure from a visiting delegation of European Union and International Monetary Fund officials.
The delegation, which also includes experts from the European Central Bank, began talks with the government in Athens Tuesday, and comes as Greece eyes a new 10-year bond issue--its first debt issue since receiving political backing from the EU over its borrowing plans.
"The visits are expected to last at least two days and will focus on how successful the government has been so far in tackling the deficit and on a possible new set of measures," a source close to the government told Dow Jones Newswires.
"The delegation will strongly urge the government to adopt additional measures worth EUR2 billion to EUR2.5 billion," the person added. "You can assume that the package will be agreed, and announcements may come as early as next week."
Greece is under intense pressure by the EU and financial markets to bring down its budget gap, which hit an estimated 12.7% of gross domestic product last year, four times above EU limits. The Socialist government has pledged to cut that deficit to 8.7% of GDP this year, and below the EU's 3% cap by 2012.
In order to meet those goals, the government has announced a series of spending cuts and tax hikes that it says will produce some EUR8 billion to EUR10 billion in savings and additional revenues.
So far, those measures include a freeze on civil-service wages, cuts in public-sector entitlements by 10% on average, a fuel tax hike and the closure of dozens of tax loopholes for certain professions--including some civil servants--who now pay less than their fair share in taxes.
But Greece's European partners remain unconvinced. Since the EU issued its rhetorical support for Greece on Feb. 12, EU members such as Germany and France, as well as others, have demanded that Greece take further steps to close its budget gap before they would commit to any specific financial support for the country.
According to the source, the new package that may come next week is likely to include an increase in the current value-added tax rate of 19%, more cuts in civil-service entitlements and higher duties on luxury items such as boats and expensive cars.
Greece is also mulling a further hike in fuel taxes, while the EU has also asked Athens to cut one of two extra months of pay that public-sector workers now get over and above their normal 12-month salary--a move the government is resisting.
"The EU is suggesting an average cut of 7% in gross salaries through cuts in the entitlements of civil servants, while the government is proposing a maximum 5.5% cut," the person said. "If the EU gets its way the 14th-month salary will basically disappear."
He said the visiting delegation will also be briefed on Greece's borrowing plans. Greece needs to raise about EUR54 billion this year and has so far borrowed EUR13 billion.
It plans to raise EUR3 billion to EUR5 billion as early as this week through a 10-year bond issue. In the event that the bond issue fares poorly or fails, one possible idea being considered, is that EU members such as France and Germany would cover any shortfall, the person said.
"There is still no decision on the exact day the bond will be priced. But there was contact yesterday with a couple of banks abroad to check on market conditions," the person said. "There is a good feeling that the issue will be covered, so I expect it sooner rather than later."
Greece, which hasn't asked for financial aid from its EU partners, is instead pushing for a long-term loan of up to EUR25 billion, rather than bond guarantees, if the need arises.
The newest measures are sure to stoke further resistance by Greece's unions. Already, public-sector umbrella union ADEDY and its private-sector counterpart, GSEE, have announced plans for a 24-hour general strike Wednesday.
The strike is seen as the first major test of the government's commitment to push through its harsh austerity program. So far, the government has resisted demands by farm groups seeking further handouts, while separate strikes by tax collectors and customs officials have been called off or else ruled illegal.
Nevertheless, in the latest sign of labor unrest, a small group of about 200 left-wing protesters blocked the entrance to the Athens Stock Exchange (EXAE.AT) earlier Tuesday preventing staff from entering the building.
Trading operations were unaffected by the protesters, who gathered outside the building with banners that read: "The crisis should be paid for by the plutocracy" and, in a reference to the many offshore companies controlled by wealthy Greeks: "100,000 offshore companies have pillaged EUR500 billion."
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