This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Greeks To See No Tax Relief Until Budget Improves

ATHENS, Greece (AP) â¿¿ Greece's conservative-led government can't lower taxes before the public deficit falls further, the prime minister said Thursday, but he pledged to eventually slash the corporate tax rate to a flat 15 percent.

Antonis Samaras made the promise at a meeting in Athens with Irish Prime Minister Enda Kenny, whose country holds the European Union's rotating presidency.

Greece has imposed a series of emergency taxes and spending cuts in exchange for international bailout loans, but the measures hurt economic growth and caused a surge in unemployment and poverty.

Samaras described Ireland as a model for Greece in repairing its public finances.

"We will follow the exactly the same successful example set by Ireland â¿¿ both for the EU presidency and an exit from the crisis," Samaras said.

"It has been my stated aim for years now that I want a unified rate, a flat-rate tax of 15 percent. As we reach our targets that moment draws closer."

Corporate profits are currently taxed at a minimum of 26 percent.

Kenny called his fellow conservative as "a voice of reality and a voice of progress" in Europe, and repeated his assurance that Ireland would complete its bailout program by the end of the year.

Greece's program end in 2016.

Later Thursday, about 10,000 people joined a peaceful protest march in central Athens to demand the renewal of collective labor agreements that expire this year. Rescue lenders want the government to set a minimum wage across labor categories â¿¿ effectively canceling the existing practice of negotiated collective pay agreements between unions and employers for different sectors of the economy.

Greece's minimum wage was cut last year to 684 euros ($880) per month, according to figures kept by the EU statistics agency, Eurostat.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $247.54 -0.07%
YHOO $36.59 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs