February 8th, 2010 
Money maker
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Finance Minister George Papaconstantinou, who took part in an impromptu cabinet meeting on Monday, said the raft of wage cuts and revenue reforms would involve lowering the top tax rate, as the government seeks to shield the poorest Greeks.
“The 40 per cent tax rate will be applied on income levels that are lower than what is the case today, but there will also be intermediate rates that will provide relief for low and middle incomes,” he told Ta Nea newspaper.
He said that as a result of the tax changes, the biggest burden would be felt by a small percentage of tax payers as 95 per cent of earners report incomes below 30,000 euros a year.
Worries over Greece’s fiscal woes have battered its bond and stock markets, driving its borrowing costs sharply higher and helping to drive the euro currency to 8-1/2 month lows against the dollar.
The government’s response to this week’s strike will be closely watched by international markets, keen to see whether Greece can contain a fiscal crisis that has already spread to euro zone periphery countries, Portugal and Spain.
“We are making a huge effort to protect our economy from speculation and a lack of credibility, which have led to adverse borrowing terms,” Mr. Papaconstantinou told the paper.
European ministers told their counterparts at a Group of Seven meeting on Saturday in northern Canada that they would make sure Greece sticks to its budget-cutting plan, but the pledges failed to reassure currency markets and the euro lost more ground on Monday.
