Tags: EU | Greece | Financial | Crisis

Tax Rises Hit Greece as EU to Discuss Debt Crisis

Monday, 15 Mar 2010 07:06 AM

 

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A wave of new consumer price hikes has hit Greece as European Union finance ministers gathered in Brussels to discuss the country's debt crisis.

The center-left government has increased the main sales tax from 19 to 21 percent, as part of a 16 billion euro ($22 billion) austerity package to cut the budget deficit by almost a third this year.

The tax hike came into effect Monday, raising the cost of fuel and most consumer goods and services.

Greece will present the first results of its austerity measures at the EU ministerial meetings Monday and Tuesday, and says it is looking for political rather than financial backing.

A finance ministry statement Sunday said the austerity program "appears sufficient" to meet budget saving targets.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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