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Greece may rebuff fiscal tightening plans

Greece is expected to refuse to tighten its fiscal stability plan in line with calls by the European Central Bank and Germany for additional measures in order for the country to qualify for financial aid.

The Financial Times reports that Greece is set to stand firm against pressure to tighten fiscal policy with increased taxes and public sector pay cuts as it battles to regain the confidence of international markets.

On French television yesterday ECB president Jean-Claude Trichet urged Greece to agree to the measures proposed in order to “make credible their turnaround plan”.

But the FT reports that a senior Greek official says it would not be sensible for the country to make this decision now, but rather postpone it until the ECB, EU and International Monetary Fund carry out a detailed inspection of the programme in March.

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