Greece submits last bailout budget but austerity continues

ATHENS, Greece – Greece's government is promising bailout lenders continued austerity and high primary budget surpluses in its 2018 budget — the last under eight years of international rescue programs.

In the budget submitted to parliament late Tuesday, the government set targets of primary surpluses — the budget balance before debt repayment — higher than previously estimated, at 2.44 percent this year and 3.82 percent in 2018.

Greece is racing to complete the latest round of negotiations with rescue creditors by the end of the year, before the current bailout ends in August and the country will have to return to market funding.