Send to Kindle
Greece has been hit by a wave of strikes in protest against tough government measures, including salary freezes and tax increases. Photo by EPA/BGNES
Finance ministers from the seventeen countries sharing the euro meet in Luxembourg on Monday to discuss ways to leverage their EFSF bailout fund and put pressure on Greece to implement agreed structural reforms.
The meeting comes a day after Athens acknowledged it would miss fiscal targets set as conditions for continued emergency funding this year from the European Union and International Monetary Fund.
The Greek cabinet announced late Sunday that it adopted a draft budget for 2012, but the debt-ridden nation will miss key deficit targets for this year and next.
Greece said on Sunday that the budget deficit this year would be 8.5% of gross domestic product, missing a 7.6% target agreed in the bailout that saved it from bankruptcy. It would also miss next year's deficit target in terms of percentage of GDP -- 6.8% instead of 6.5 -- but would meet it in nominal terms.
The Greek cabinet said in a statement that the main reason it would miss the deficit target is due to a deeper-than-expected recession.
Without this emergency injection, Greece is widely expected to run out of money later this month and could default.
The troika is in Athens again this week and is supposed to make a final decision on the next bailout tranche by mid-October.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
As the Hungarian forint experiences volatility, German investors are increasingly advocating for Hungary to adopt the euro, reaching the highest level of support in over a decade
According to an article in "Politico," Russian-funded disinformation campaigns are contributing to a decline in public support for Bulgaria's adoption of the euro
A nationwide strike in Greece has brought the country's transport networks to a standstill, affecting railways, ferries, buses, taxis, and more
In the wake of Iran's recent drone and missile assault on Israel, the European Union (EU) and the United States are gearing up to expand sanctions against Tehran
In a recent interview with BTA, Kristalina Georgieva, Managing Director of the IMF, emphasized the importance for Bulgaria to seize the opportunity to adopt the euro, stressing that it is achievable with the right political will
In a bold move to amplify their demands for higher wages and better working conditions, journalists across Greece have embarked on a 24-hour strike, effectively halting news broadcasts for the duration
In recent years, Moldova has been faced with the challenge of reducing its dependency on Russian gas imports.
As the Hungarian forint experiences volatility, German investors are increasingly advocating for Hungary to adopt the euro, reaching the highest level of support in over a decade
In a statement underscoring growing concerns over national security, FBI Director Christopher Wray has declared that the popular social media app TikTok poses a significant risk to the United States
Eurostat data indicates that Greece (161.9%), Italy (137.3%), France (110.6%), Spain (107.7%), and Belgium reported the highest public debt-to-GDP ratios among EU member states by the conclusion of 2023
A damning report from the US State Department has unveiled a troubling reality of systematic racial and ethnic violence and discrimination against Bulgarians in the Republic of North Macedonia
The US Senate has overwhelmingly approved a substantial aid package totaling 95 billion USD, aimed at supporting key American allies, including Ukraine, Israel, and Taiwan.
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
