ECB President Jean-Claude Trichet just announced that Greece most likely will receive the next round of funding from the European Central Bank, European Union, and International Monetary Fund.
Doubts about receiving this funding surfaced because of reports that Greece will not meet its deficit-reducing and privatization goals for the year.
New plans for a real estate tax to bridge the gap could have placated inspectors. An investor note from Eurobank EFG said the levy will require property owners to pay around $7-14 per square meter of construction, will last two years, and will be implemented through increases in electricity bills.
Trichet’s announcement could quiet markets squirming over the possibility of Greek default.
That being said, the big task at hand is getting the rest of Europe to approve the completely new bailout agreed to in July. This positive affirmation from the troika implies that Greece’s economic reforms have been adequate, and it could help Greece’s case a little bit among its neighbours.
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