Greek PM Antonis Samaras ‘To Ask Angela Merkel and Francois Hollande for Austerity Plan Extension’
Greek Prime Minister Antonis Samaras will call for an extension to his country’s austerity programme when he meets with Angela Merkel and Francois Hollande next week, according to reports.
[Ed. Note: Implementing an official 'kick the can' policy, rather than the repeated implied 'kick the can' policies we've gotten use to. This is progress.]
from Telegraph.co.uk
Mr Samaras will hold talks with the German chancellor and French president in Berlin and will suggest that public spending cuts be spread over four years instead of two, according to a document seen by the Financial Times.
Greece is currently scrambling to find budget cuts – amounting to around 5pc of GDP – to be implemented in 2013 and 2014 as part of its existing bailout deal with the European Union and International Monetary Fund.
Greece raised €4.063bn (£3.2bn) in a sale of three-month treasury bills on Tuesday, paying a modestly higher rate of 4.43pc, the public debt management agency said.
The extraordinarily large sale should help the Greek government avoid a cash crunch, according to a finance ministry source, as it faces redemption of a €3.2bn bond held by the ECB that expires on August 20 and awaits the next installment of its EU-IMF bailout package.
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