Greek parliament approves 2010 crisis budget

24/12/2009

ATHENS, Greece -- Voting early on Thursday (December 24th), parliament adopted the country's crisis budget for 2010. The vote was 160 to 139, with one abstention. The 2010 budget envisions slashing the deficit from the current 12.7% of GDP to 9.1% of GDP. Even at that level, it will be three times higher than the 3% threshold allowed for eurozone members. The country's total debts have reached 300 billion euros or 125% of its GDP. In 2010, they are expected to climb to at least 326 billion euros or 133% of GDP. In order to implement the budget, described as the harshest in the country's recent history, the government plans to reform the tax system. Trade unions have already announced plans to launch strikes in January or February against these planned reforms. (RIA-Novosti, Dow Jones - 24/12/09; BBC, AP, Reuters, AFP - 23/12/09)