Open figure viewer
Significance
Clearing state arrears to the private sector depends on the quartet of international creditors' timely disbursement of financial assistance tranches. The finance ministry is in no position to generate additional tax revenue or cut expenditure. Thus, it is vital to conclude the second review of the third programme and disburse the next 2.8-billion-euro (3.1-billion-dollar) tranche.
Impacts
The political backlash from angry taxpayers may just be an election away.
No euro-area country has achieved economic recovery after seven years of recession on the back of excessive taxation.
The 2017 budget draft only increases the unequal distribution of the rising tax burden for private households and corporates.
Keywords:
Greece,
EUR,
EU,
IMF-World Bank,
economy,
politics,
corporate,
fiscal,
government,
private sector,
industry,
black market,
debt,
election,
legislation,
opposition,
party,
shipping
© Oxford Analytica 2019. All rights reserved. This content contains general information about geopolitical, macroeconomic and social developments or (where stated) other matters. It does not contain advice or recommendations that may be relied on. Where links to external websites are provided, this does not indicate that Oxford Analytica or Emerald agree with, endorse or have checked for accuracy the contents of said sites.
2016
You do not currently have access to this content.
