EU: Greece broadly on track with budget cuts
BRUSSELS (AP) - July 7, 2010 -- The European Union's executive says Greece is "broadly on track" with budget cuts and economic reforms linked to euro 110 billion ($138 billion) in bailout loans from EU nations and the International Monetary Fund.
A Wednesday report by the EU says Greek efforts are "positive" but warned there a number of areas where Greece could run into trouble.
It says inflation is "markedly higher" than the government expects, partly because there is little market competition and major suppliers are easily able to pass on indirect tax increases to customers.
Government revenues were below expectations, it says, but spending fell below a target. It warns these figures are not certain because there are no final figures for sectors where spending can easily overrun - such as health care.
Greece, economy, business/finance
- Man critically injured in Willingboro hit, run 15 min ago
- Breezy And Mild! 3 min ago
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Malaysian leader: plane's disappearance deliberate 10 min ago
- Elderly woman crashes into Toms River law ofc.
- 2 couples robbed at gunpoint in North Philly
- Del. trooper charged with stalking, harassment 51 min ago
- Community relief for victims of Ewing Twp. explosion 18 min ago
- Fire forces 11 people from their homes
- Driver crashes SUV into pole in East Falls, DUI suspected
- 3 people injured in Roosevelt Boulevard crash
- SEPTA union agrees to delay strike
- Authorities: Chris Brown arrested on warrant
- Breezy And Mild!
3 min ago
- Man critically injured in Willingboro hit,...
15 min ago
- Malaysian leader: plane's disappearance...
10 min ago
- Community relief for victims of Ewing Twp....
18 min ago
Most Viewed StoriesMost Viewed Photos