Greek parliament votes 155 to 138 for austerity package, and is expected to approve implementation bill today;financial markets still expect Greece to default eventually, amid doubts that the government will implement the programme;the additional annual burden for an average Greek family will be in the order of one month's salary;violent protests erupted in the centre of Athens after the vote;Michael Martens argues that Greece is going to remain a limited democracy for some time to come;central banks extend dollar swap lines as an insurance policy in case of a Greek default;Jürgen Stark tells Die Zeit that any Brady-plan element in a rollover package would contravene the Art.125 TFEU;Germany may include longer-dating Greek debt instruments in the rollover package;Merkel and Ackermann clash over the pretence of a "voluntary" rollover;the Italian cabinet is due to pass a €47bn four-year austerity plan, with most of the savings earmarked for the time after the next elections;Nicolas Sarkozy appoints budget minister Francois Baroin as France's new finance minister;a French legal commission will decide on July 8 whether the Christine Lagarde will be prosecuted;Le Monde calls on Lagarde to emancipate herself from Sarkozy;Patrick Welter criticises the direction the IMF had taken under DSK;the European Commission, meanwhile, proposes a 1% sales tax and a financial transaction levy to boost its own resources.
Commission proposes EU tax in its budget frame work All European newspapers report on the Commission's proposal to introduce a 1% sales tax and a levy on financial transactions as part of plans to boost its seven-year budget to almost €1 trillion. The proposed new taxes are designed to reduce the amount EU governments must pay to Brussels, the Commission said, while increasing the block's budget by about 5% to more than €970bn between 2014 and 2020.
Commission proposes EU tax in its budget frame work
All European newspapers report on the Commission's proposal to introduce a 1% sales tax and a levy on financial transactions as part of plans to boost its seven-year budget to almost €1 trillion. The proposed new taxes are designed to reduce the amount EU governments must pay to Brussels, the Commission said, while increasing the block's budget by about 5% to more than €970bn between 2014 and 2020.
This is only slightly revolutionary. I never thought I'd live to see the day. Of course some bastard will shoot it down... but it's nice to see Serious people say sensible things from time to time. It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
