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Greece approves 2013 austerity budget
Source: Agencies |
November 13, 2012, Tuesday
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GREEK lawmakers approved the country's 2013 austerity budget yesterday, an essential step in Greece's efforts to persuade its international creditors to unblock a vital rescue loan installment without which the country will go bankrupt.
The budget passed by a 167-128 vote in the 300-member Parliament. It came days after a separate bill of deep spending cuts and tax hikes for the next two years squeaked through with a narrow majority following severe disagreements among the three parties in the governing coalition.
Greek Prime Minister Antonis Samaras pledged the spending cuts will be the last Greeks have to endure.
"Just four days ago, we voted the most sweeping reforms ever in Greece," he said. "The sacrifices (in the earlier bill and the budget) will be the last. Provided, of course, we implement all we have legislated."
"Greece has done what it was asked to do and now is the time for the creditors to make good on their commitments," he stressed.
Athens says that with the passage of the two bills, the next loan installment, worth 31.5 billion euros (US$40 billion), should be disbursed. Without it, the government has said it will run out of cash on Friday, when 5 billion euros worth of treasury bills mature.
Finance Minister Yannis Stournaras also stressed the precariousness of Greece's cash reserves. "Without the help of the European Central Bank, the refunding of these treasury bills from the banking system will lead the private sector to complete suffocation," Stournaras said.
The budget passed by a 167-128 vote in the 300-member Parliament. It came days after a separate bill of deep spending cuts and tax hikes for the next two years squeaked through with a narrow majority following severe disagreements among the three parties in the governing coalition.
Greek Prime Minister Antonis Samaras pledged the spending cuts will be the last Greeks have to endure.
"Just four days ago, we voted the most sweeping reforms ever in Greece," he said. "The sacrifices (in the earlier bill and the budget) will be the last. Provided, of course, we implement all we have legislated."
"Greece has done what it was asked to do and now is the time for the creditors to make good on their commitments," he stressed.
Athens says that with the passage of the two bills, the next loan installment, worth 31.5 billion euros (US$40 billion), should be disbursed. Without it, the government has said it will run out of cash on Friday, when 5 billion euros worth of treasury bills mature.
Finance Minister Yannis Stournaras also stressed the precariousness of Greece's cash reserves. "Without the help of the European Central Bank, the refunding of these treasury bills from the banking system will lead the private sector to complete suffocation," Stournaras said.
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