Summary Box: Greece won't impose new taxes

AP News
Posted: Dec 12, 2011 1:08 PM
Summary Box: Greece won't impose new taxes

NO NEW TAXES: Greece will cut spending further but it won't impose new taxes, its finance minister said Monday, adding that talks with international debt inspectors on a second rescue package were at a "critical" stage.

SLIDING SALARIES: Greeks have already seen several rounds of tax increases in more than two years under austerity measures. Salaries and pensions have also been slashed as the country struggled to meet the terms of its first international bailout, granted last year.

LAGGING PERFORMANCE: Preliminary data shows that Greece's economy will probably contract by more than the official estimate of 5.5 percent in 2011.