EU and IMF are heading towards bringing Greece's budget deficit under control

  European Union and IMF officials will be coming out with the final review with regard to Greece’s defective drive to bring its budget deficit in proper situation. Greece was supposed to start borrowing on financial markets in the next year. However, this plan seems to be less possible. Hence, the EU is working out a new aid plan that would meet Greece’s funding needs in 2012 and 2013. The officials are confirming the Greece’s fiscal progress before approving a 12 billion euro aid. By this new funding package, the country can avoid a default status to happen.

A German weekly magazine, Der Spiegel, stated that by the weekend, Greece might not get the money because of having missed all the fiscal targets set by its lenders. However, Greece and the IMF denied the report and Greece Finance Minister, George Papaconstantinou said that Greek expects that they will end up successfully in the couple of days ahead. As the team of European Union and IMF officials in Anthens is likely to complete the review of Greek Finances, it is important for Papandreou to prevent fatigue from spreading to his own party as its popularity goes down. PASOK has a good majority in the parliament. But one weekend opinion poll showed that it was no more in leading position. This situation has placed for the first time, ever since it won elections in the year 2009...... Read More