Greece’s 2014 Budget Approved

Greece’s Parliament early on Sunday approved a budget for 2014 which predicts a timid return to growth after six years of recession despite the reluctance of many government lawmakers to impose further cutbacks on a country reeling from economic hardship.

After several days of debate, the budget, which outlines 3.1 billion euros ($4.2 billion) in state spending cuts and 2.5 billion euros in additional tax revenue, passed through the 300-seat Parliament with 153 votes to 142, securing the backing of all coalition members of Parliament except one who was absent.

The result had been widely expected as more contentious legislation, chiefly regarding heavier property taxes, is not due for debate until next week.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.