Sunday, May. 20, 2012 |
Greek tax revenue could flow into escrow account
Page last updated at 08:21 GMT, Sunday, February 19, 2012 - 13:21 EST
The Seattle Times:
A European Union official says some euro countries are pushing for Greece to funnel government revenue into a separately managed account dedicated to servicing the country's debts - an unprecedented intrusion into a sovereign country's fiscal affairs.
Germany has made the creation of such an escrow account a precondition for giving Greece a euro130-billion ($170-billion) bailout.
But until now it has been unclear whether the account, which would give debt and interest payments priority over paying for government services, would only contain bailout money or also money from Greek taxpayers.
The official said Sunday forcing Greece to also channel government revenue into the account "is not off the table."
Read the whole story: The Seattle Times
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