03 October 2011

Deeper and deeper into the mire ...

From The Telegraph (here):

Greece was yesterday reported to have missed the deficit cutting target set for it by the EU and the IMF as part of the terms of its bail-out. According to Reuters, the Greek budget deficit will reach 8.5pc of GDP this year, missing a target 7.6pc.

An emergency meeting of eurozone finance ministers will today meet in Luxembourg to discuss the progress of Greek reforms that are necessary to secure the next €8bn tranche of bail-out money. Greece is to unveil new austerity measures.

How much austerity can a nation cope with?

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