Greece has reached its taxation limit and needs to refocus its austerity program on long-term spending cuts, the International Monetary Fund mission chief in Greece, Poul M. Thomsen, left, said Tuesday. Mr. Thomsen also said the structural changes Greece has made in an effort to cope with its huge amount of debt, including slashing salaries and pensions and imposing several rounds of tax increases, have fallen “well short” of expectations, but he did not say what austerity measures would be needed next year.
Article source: http://www.nytimes.com/2011/12/14/world/europe/greece-imf-official-urges-more-austerity.html?partner=rss&emc=rss
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