Greece plans on finalizing a €45 billion loan package. Athens, along with Greek finance minister
George Papaconstantinou, believes there is no need to apply tougher austerity measures to compensate for the funds.
Greece's current financial problem involves failing to control its deficit, which was further amplified by investors that allowed borrowing costs to increase. Last September the deficit was at 12.7 percent of G.D.P. This is four times the euro-zone limit suggested at 3 percent G.D.P.
Athens intends to reduce the deficit by four percentage points this year. Funds that Greece are requesting may leave other European lawmakers in opposition. Germany for example, wonders if subsidies Greece receives would encourage other European Unions, that are economically weak, to ask for similar aid.
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