Economics
Tax Threatens Budget as Greece Tries to Keep Bailout Promises
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Greece’s budget planning is going awry because of a perennial problem: taxes.
Finance Minister George Papaconstantinou plans to tackle tax evasion and cut spending on health care and transportation as revenue fails to meet targets. Yesterday, he reduced the estimate for 2010 net budget revenue a second time, to 6 percent compared with 13.7 percent when the country agreed in May to a 110 billion-euro ($150 billion) bailout from the European Union and International Monetary Fund.