Rising yields, market turbulence limit government's fiscal options

Economy Tags: Budget, Markets, Taxes
Photo by Panayiotos Tzamaros
Photo by Panayiotos Tzamaros

It seems that the Finance Ministry toying with the idea of countering inflation by reducing VAT and special consumption taxes on fuel and basic goods only lasted about a week, partly due to developments on the bond market, which have been exacerbated by the ECB signalling last Thursday that it is set to tighten monetary policy this year.

The finance and economy ministers both argued this week that reducing indirect taxes are not an option on grounds of fiscal prudence. Previously, Finance Minister Christos Staikouras and other ministry officials had suggested that many options were on t...

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