Saturday, January 28, 2012

US Media learning of the Troika ultimatum to Greece

The Washington Post has an exceedingly brief report, linked here, appearing thirty odd minutes ago.

CNN cariies a longer report, linked here, with the headline "Call for EU to control Greek budget" if only that were all! More detail of the list of "prior actions" mentioned in my earlier postings of today comes the following from the CNN report:

Even before Germany circulated its proposal, the EU and International Monetary Fund had presented a 10-page list of "prior actions" Athens must implement before the new bail-out is agreed. According to a copy of the document, also obtained by the FT, Greece must cut an additional 150,000 government jobs within three years.

The document, dated Monday, also calls for major budget cuts in defence, healthcare and "entity closures" to bring down this year's budget deficit. The document said the preliminary estimate for the 2012 deficit target is about 1 per cent of economic output -- implying swinging cuts, since previous estimates by lenders put this year's budget deficit at 7 per cent.



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