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Greek debt costs every European â‚¬535

23 June 2011 09:07 (UTC +04:00)

Baku - APA-Economics. Discontent is growing around the latest Greek bailout package, as more economists voice opinions that the move will only serve to burden taxpayers across Europe, Warsaw Business Journal reported.

Greece currently has until July 3 to accept further cuts and tax increases in order to receive another â‚¬12 billion in emergency loans from the â‚¬110 billion aid package agreed upon in May 2010. The Eurogroup of euro zone finance ministers is currently discussing the conditions under which Greece could receive an additional loan of up to â‚¬120 billion.

According to Raoul Ruparel, an economic expert at Open Europe, a think-tank, additional help will only increase the burden on taxpayers and will not prevent a Greek bankruptcy, reports Rzeczpospolita. According to his calculations, today European taxpayers pay an average of â‚¬535 euros for Greeceâ€™s debt. The figure could go up to â‚¬1,450 by 2014.

Early on Wednesday, Prime Minister George Papandreou’s new cabinet was approved in parliament by 155 votes to 143, with two abstentions. Greek MPs will now vote on â‚¬28 billion in cuts, tax rises, fiscal reforms and privatization plans.