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Greece

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Greeks to see no tax relief until budget improves

Greece's conservative-led government can't lower taxes before the public deficit falls further, the prime minister said Thursday, but he pledged to eventually slash the corporate tax rate to a flat 15 percent.Antonis Samaras made the promise at a meeting in Athens with Irish Prime Minister Enda Kenny, whose country holds the European Union's rotating presidency.Greece has imposed a series of emergency taxes and spending cuts in exchange for international bailout loans, but the measures hurt economic growth and caused a surge in unemployment and poverty.Samaras described Ireland as a model for Greece in repairing its public finances."We will follow the exactly the same successful example set by Ireland — both for the EU presidency and an exit from the crisis," Samaras said."It has been my stated aim for years now that I want a unified rate, a flat-rate tax of 15 percent. As we reach our targets that moment draws closer."Corporate profits are currently taxed at a minimum of 26 percent.Ke...

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