Troika Challenges Greece Over 2B Euro Gap

ATHENS - Greece faces tough negotiations with international lenders over a looming fiscal gap in the 2014 budget that could undermine its chances of emerging from a six-year recession. The Troika ? the European Commission, European Central Bank and International Monetary Fund ? wants the government to adopt further austerity measures after identifying a potential shortfall of ?2 billion ($2.73 billion in the latest budget draft submitted by Athens. Greek finance ministry officials say the gap amounts to only ?500 million ($684.03 million) and can be covered through a crackdown on social security fraud by thousands of cash-strapped small businesses who fail to pay contributions. ?There is a clear disagreement,? said a senior finance ministry official. ?The Troika always presses for additional measures but we?ve reached the limit for making horizontal cuts in wages and pensions.?

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