MNI BRIEF: Greece Applies For EU Fiscal Escape Clause

Greece will apply to the European Commission for activation of a national escape clause from the bloc's fiscal rules, Greek Finance Minister Kyriakos Pierrakakis said on Tuesday, adding that  the move would free up EUR600 million of fiscal space which will be used to lower the tax burden on the country's middle classes.  

Greece will become only the second EU country to apply for the escape clause, following Germany's formal application Monday.  The Commission has said that it expects a "lot more" countries to apply during the coming hours and days as the Wednesday deadline looms, although the EC has stressed that the deadline is a "soft" one. (See MNI INTERVIEW:Spain Unsure On Fiscal Escape Clause For Defence)