(MENAFNEditorial)
The Greek Government submitted to parliament a draft budget for 2015 providing tax cuts and a weakening economy austerity measures to keep their positions amid speculation of a possible defeat in the elections to be held next year.
Despite the reduction in the tax rate the government says that the budget deficit would be minimal - only 0.2% of gross domestic product thus emphasizing that this is the first balanced budget in Greece for four decades.
And after six years of deep recession the aggravated austerity measures aimed at resolving public finances Greece's economy will grow next year by 2.9%.
The project involves a reduction of 30% tax on fuel for heating purposes and reducing the so-called "solidarity tax" on incomes of more than 12 thousand euros per year.
Judges military and police will be partially restored after their wages decrease by agreement with the international creditors.
S&P evaluates the needs of Greece in financing over the next 15 months to 43 billion euros. These figures just lies the main point. The fact is that even if Greece will sell bonds this year and next the money is still not enough to cover the financing needs. Perhaps Athens could sell more bonds but the market has changed a lot and it is unlikely that there is an investor who wishes to invest in Greek bonds knowing all the risks of no return of their funds.
European countries have completed the transfer of funds to Greece under existing agreements at the end of this year the IMF - in 2016.
Since 2010 Greece has already received from the "troika" of international lenders (the EU the European Central Bank and the International Monetary Fund - IMF) the two aid package totaling 240 billion euros.
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