World

Greece's new government to submit draft 2016 budget to parliament

Associated Press
Published | Updated

Greece's Prime minister Alexis Tsipras attends a swearing-in ceremony at the Greek parliament in Athens, Oct. 3, 2015. This is the first parliamentary session where the 300 newly appointed lawmakers attend the ceremony after the Sept. 20 general elections. (Louisa Gouliamaki/Pool photo via AP) (The Associated Press)

Germany's Finance Minister Wolfgang Schauble, left, talks with European Commissioner for Economic and Financial Affairs Pierre Moscovici during a meeting of eurogroup finance ministers at the EU Council building in Luxembourg, Monday, Oct. 5, 2015. (AP Photo/Geert Vanden Wijngaert) (The Associated Press)

Germany's Finance Minister Wolfgang Schauble, left, talks with European Commissioner for Economic and Financial Affairs Pierre Moscovici during a meeting of eurogroup finance ministers at the EU Council building in Luxembourg, Monday, Oct. 5, 2015. (AP Photo/Geert Vanden Wijngaert) (The Associated Press)

Greece's new coalition government is to submit its draft 2016 budget to parliament, which will include a series of reforms required under the country's new three-year, 86 billion euro ($96 billion) international bailout.

Prime Minister Alexis Tsipras, re-elected last month, is also to announce his government's policies during a parliament speech Monday evening.

The new budget is expected to include the abolition of certain tax breaks as well as increases in taxation and a tightening of laws on tax avoidance and evasion.

Finance ministers from eurozone countries, known as the Eurogroup, are to meet in Luxembourg later Monday to discuss the measures Greece must take to comply with its bailout. Beforehand, Finance Minister Euclid Tsakalotos was to meet with Eurogroup head Jeroen Dijsselbloem and French Finance Minister Michel Sapin.