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Greece Wants No EU Control on Country's Budget - Official

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Greece will not allow the European Union controlling country's budget policy, the Athens news agency said on Sunday quoting a Greek government top official.

Greece will not allow the European Union controlling country's budget policy, the Athens news agency said on Saturday quoting a Greek government top official.

Mass media have reported that Germany suggested giving some control on Greece's budget forming and supervising on country's major spending to the EU.

"We will not agree on this thing anyway. We do not even discuss it," the official said.

Greece has been receiving financial support from the EU and the International Monetary Fund from May 2010 to provide reforms and reduce country's large budget deficit but the Greek government failed to reach the goals. Government's attempts to cut budget spending led to numerous riots and strikes.

Under Germany's proposal Athens would be able to use its budget only after the country covered its $450 billion debt. Such measure could convince markets that there will be no Greek default but will harm country's sovereignty.

Greece is in talks with its creditors about debt remission and about a 130-billion euro ($158 billion) EU-IMF bailout to avert the default. The debt-laden country hopes to complete the talks and implement new measures by March 20 when it must pay off its 14.5 billion euro bonds.

 

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