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Sunday, 14 November 2010 - Greeks vote under threat of more austerity |
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    Read more with google mobile : Greeks vote under threat of more austerity |

    Edition: U.S. Article Comments (0) Slideshow Email Print Reprints Full Focus Best of the week Our top pictures from the past week.  Full Article  Read Big German protests pressure Merkel before CDU meet 13 Nov 2010 Pacquiao's record title haul lifts Filipino spirits 3:36am EST Auction of Madoff effects raises $2 million 13 Nov 2010 Analysis: Obama's Asia frustrations raise protectionist risks 2:44am EST Boxing-Pacquiao beats Margarito to land super welterweight title 12:53am EST Discussed 318 Pilots and passengers rail at new airport patdowns 97 Analysis: German tempers fray as U.S. policy gulf widens 76 GLOBAL ECONOMY-Obama returns fire after China slams Fed’s move Watched Japanese Tourism Bra Wed, Nov 10 2010 Robot actress steals the show Thu, Nov 11 2010 Bejeweled bra exposed in NY Thu, Oct 21 2010 Greeks vote under threat of more austerity Tweet This Share on LinkedIn Share on Facebook By Angeliki Koutantou ATHENS (Reuters) - Greeks vote in a local election run-off on Sunday which could further complicate Prime Minister George Papandreou's drive to meet tough deficit targets agreed in exchange for a 110 billion euro rescue from... Related News UPDATE 2-Greek PM, ECB policymaker differ on loan extension Sat, Nov 13 2010 Greek loan repayment extension on the table: PM Sat, Nov 13 2010 Greece must focus on debt targets: ECB's Bini Smaghi Sat, Nov 13 2010 UPDATE 3-Greek 2010 deficit seen at about 9.3 pct of GDP- source Wed, Nov 10 2010 Greek FinMin: Not considering debt restructuring Mon, Nov 8 2010 Analysis & Opinion Irish debt restructure hangs in the balance Related Topics World » 1 / 2 Greek Prime Minister George Papandreou leaves a voting booth at a polling station in the suburb of Nea Erythrea, north of Athens, November 14, 2010. Credit: Reuters/John Kolesidis By Angeliki Koutantou ATHENS | Sun Nov 14, 2010 7:19am EST ATHENS (Reuters) - Greeks vote in a local election run-off on Sunday which could further complicate Prime Minister George Papandreou's drive to meet tough deficit targets agreed in exchange for a 110 billion euro rescue from the EU and IMF. The vote comes as the government braces for tough negotiations with its lenders, who could seek additional austerity pledges from Athens when they begin an inspection visit on Monday. A poor result for Papandreou's ruling PASOK party on Sunday could make it harder for him to sell further belt-tightening to a population already struggling to digest deep spending cuts and tax hikes. Greece committed back in May to reducing its budget deficit to 8.1 percent of gross domestic product (GDP) this year but tax revenue shortages and an upward revision to the 2009 deficit mean Athens will only manage to cut it to 9.2-9.3 percent, a government source told Reuters last week. With Greece struggling to deliver on its fiscal promises, Papandreou told the Sunday edition of the Proto Thema newspaper that extending repayment of the EU/IMF loan was on the table. But European Central Bank Executive Board member Lorenzo Bini Smaghi told the Kathimerini newspaper that any talk of changing the loan terms would hurt Greece's credibility. Papandreou had threatened to call snap elections if the regional polls failed to give him a mandate to follow on Greece's painful reform drive. But he ruled that out after a respectable showing for PASOK in the first round. The government won two super-regions and there are runs offs in another 11 this Sunday. The ballots close at 1500 GMT and initial results are expected later in the evening. IMF, EU and European Central Bank officials begin a visit to Athens on Monday to monitor fiscal progress and approve a 9-billion euro disbursement of the EU/IMF emergency funding due in November. Analysts say Greece could come under pressure from the officials to take additional steps to avoid further slippage on its targets. Papandreou said at a special meeting with his ministers on Saturday that the nation was ready for additional spending cuts but he promised that savings will not hurt wagers and pensioners further. A senior government official said cuts could be worth about two percent of GDP next year. (Reporting by Angeliki Koutantou; editing by Noah Barkin) World     Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters.   © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback   Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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