Prime Minister Samaras Says Greece Needs More Time for Cuts

Greece’s Prime Minister Antonis Samaras

Greece’s Prime Minister, Antonis Samaras, has called for more time to implement tough spending cuts and reforms, ahead of talks on its bailout.

The  issue is whether Greece has done enough to receive its next installment of loans worth 31.5bn euros.

Failure to unlock the funds could lead to Greece defaulting on its vast public debt and possibly leaving the euro.

Under the terms of the bailout agreement with Europe and the International Monetary Fund (IMF), Greece needs to demonstrate it can find 11.5bn euros in public spending cuts within two years in order to qualify for the money.

© 2012 SAT Telecommunications Ltd.

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