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The Greek Finance Minister, Evangelos Venizelos has berated European and international institutions for blaming Greece for the eurozone’s debt crisis, rather than acknowledging their incompetence in managing the problems.

He claimed that Greece is being treated unfairly and has been subject to blackmail and humiliation. In addition he has urged that Greek groups who are in opposition of the cuts being made need to desist criticising the country as it is only creating a negative portrayal of it, which in turn is damaging its credibility.

Currently pressure is being put on Greece by the European Union and European Central Bank to take even stricter measures in order to cut back spending, including further job cuts. They have insisted that 100,000 employees in the public sector be made redundant, 20, 000 more than was originally agreed upon, before they will hand over the next loan instalment.

The next instalment from Greece’s first bailout of £110Bn is set to be discussed later today. It is vital that Greece receives this payment by next month if it is to evade default. The discussions will be held between Mr Venizelos, European Union and International Monetary Fund officials. Originally, the next payment of £8Bn was intended to be handed over this month, however, doubts about how much Greece is doing to cut its spending have lead to the instalment being delayed until October.

The Greek government itself has imposed a property tax to be added to household energy bills in an attempt to raise funds. However, a representative for the International Monetary Fund Bob Traa has argued that this will not be beneficial in the long term. He stated that these tax increases cannot be maintained economically or politically. Similarly, European finance ministers have claimed that increasing taxes will not be as effective as making further spending cuts.

In addition, it has been reported that 15% of the Greek public are already behind with their utility payments. It is likely that this number will increase when the new tax starts being added next month despite the warnings that those who do not pay it will be cut off from their energy supply.

The markets are continuing to be affected by the ongoing financial crisis in the eurozone with 2% falls in share markets throughout Europe today.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

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