Greek gov't to submit draft budget to Parliament

Greek government to submit 2014 draft budget to Parliament

Associated Press
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Pedestrians are silhouetted as they walk by the graffiti - painted wall of Athens' university on Sunday, Sept. 30 2012. Greece has been struggling to avoid a chaotic default and possible exit from the eurozone with multi-billion-euro bailout loans from the European Union and the International Monetary Fund since May 2010. (AP Photo/Kostas Tsironis)

ATHENS, Greece (AP) -- Greece's government is to submit to Parliament a preliminary draft for the 2014 budget that is expected to show a gradual improvement in public finances.

Hammered by a financial crisis, Greece has been dependent on rescue loans from other European Union countries and the International Monetary Fund since 2010. In return, its economy has been put under strict supervision by the IMF, European Central Bank and European Commission, known as the 'troika.' Successive governments have introduced repeated rounds of austerity measures to reform the country's finances and meet targets set for its budget deficit and state debt.

The Finance Ministry submits the preliminary draft Monday. The government is still negotiating details of the 2014 budget with the troika, and a final draft is expected to be submitted by November.

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