Greece must now cut spending, says IMF |
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December 14, 2011
ATHENS: Greece has reached its limit in raising taxes and needs to refocus its austerity program on long-term spending cuts, the International Monetary Fund says. The warning came as the debt-shackled euro zone member heads toward its fourth year of recession, amid weakening revenues despite draconian new emergency taxes.
ATHENS: Greece has reached its limit in raising taxes and needs to refocus its austerity program on long-term spending cuts, the International Monetary Fund says.
The warning came as the debt-shackled euro zone member heads toward its fourth year of recession, amid weakening revenues despite draconian new emergency taxes.
''I think one of the things we have seen in 2011 is that we have reached the limit of what can be achieved through increasing taxes,'' said Poul Thomsen, the IMF mission chief in Greece.
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