Greece Property Tax Passes To Hit Fiscal Target
The property tax was proposed earlier this month, The Associated Press reported. Greek lawmakers passed the tax 154-143. It will be paid through electricity bills. Those who do not pay will have their power turned off. The tax will run through 2014.
“It’s a desperate measure so that Greece can get the funds it needs now and avoid default in the short term,” Diego Iscaro of IHS Global Insight told Reuters. “Whether this ensures that targets will be met, I have my doubts.”
Greek Finance Minister Evangelos Venizelos spoke to the Institute of International Finance. He said the country is in a “vicious circle” and requested additional international help, The Washington Post reported Sunday. Venizelos requested debt restructuring that includes a reduction in the value of Greece’s bonds.
German Chancellor Angela Merkel offered "all necessary assistance" to Greece but said Germany must stick to its planned austerity measures, the AP reported.
The country has said it will run out of money by mid-October if it doesn’t receive further aid, according to The Washington Post.
Venizelos said his country expects to receive its next $11 billion bailout installment. European officials will decide next month if they will lend it to Greece.
Reach assistant news editor Agnus-Dei Farrant here.
Best way to find more great content from Neon Tommy?
Or join our email list below to enjoy Neon Tommy News Alerts.