Dow Jones Industrial Average vs Austerity Measures Greece & Italy
www.StockMarketFunding.com Dow Jones Industrial Average vs Austerity Measures Greece & Italy. Greece submits austerity budget, but political differences surface in coalition. Greece's new government took a first step on Friday towards meeting terms of an international bailout needed to avoid bankruptcy, submitting a budget bill that foresees no new austerity measures next year as long as reforms are enacted. The draft predicted the Mediterranean state would face a fifth year of recession but said a plan to convince private creditors to take a 50% loss on bond holdings could cut the fiscal deficit by more than a third. Economists said years of swingeing tax hikes, public salary and pension cuts and other belt-tightening measures could send the economy deeper into contraction and the draft spending plan's forecasts are probably too optimistic. The budget draft forecasts the 220-billion-Euro economy to shrink 2.8% in 2012, versus 5.5% this year. But analysts point to a rift between parties in technocrat Prime Minister Lucas Papademos's unity coalition caused by jockeying for position by the conservative New Democracy party ahead of an election slated for Feb. 19. Papademos must win pledges from the rival parties that they will do what it takes to meet bailout terms or Greece's lenders will withhold an 8-billion-Euro aid tranche Athens needs to dodge default next month, plus longer-term financing later. As part of that process, representatives from the "troika" of the <b>...</b>
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