In brief: Euro meeting canceled on Greek bailout

Brussels – Two steps forward, one step back. So goes the frenzied effort across Europe to bail out Greece and save it from a potentially devastating default on its debts.

A meeting of the finance chiefs of the 17 euro countries to discuss Greece’s second multibillion bailout planned for today was called off Tuesday evening after Athens failed to deliver in time on several demands made by its partners in the currency union.

The last-minute cancellation of the meeting shows the eurozone wants much tougher guarantees now from Athens before giving it an extra $171 billion in rescue loans.

Today’s meeting was expected to give the green light for a bond-swap deal with private creditors designed to slice some $130 billion off Greece’s debt.

Tensions between Athens and other European capitals have hit new highs this week. Although the European Union is still warning of the dangers of a disorderly default by Greece, some politicians have in recent weeks downplayed the effects of such an event.

Tax on wealthy advances in Australia

Canberra, Australia – Australian lawmakers today narrowly approved tax hikes for the wealthy that will help the government meet its pledge to deliver a budget surplus next year.

The legislation will limit the availability of a 30 percent tax rebate on health insurance premiums to lower- and middle-income earners. Currently all taxpayers can claim the rebate. But from July 1, individuals earning more than $137,800 a year and couples with joint incomes exceeding $275,600 will no longer be eligible.

The bill scraped through the House of Representatives on Wednesday by 71 votes to 70. It is assured passage through the Senate early this year with the guaranteed support of the center-left Labor Party government senators and the minor Greens party.