The mayor had said his budget would help lift the capital out of economic trouble, as he sought to create 200, 000 jobs, build 55, 000 homes and oversee work on Crossrail, the Northern Line extension and more river crossings.

BBC: London Mayor Boris Johnson rejects budget change

Due to its inability to pay its debts and a mutual desire to keep Greece in the eurozone, Greece has had to accept various external conditions from the EU regarding its budget and national economic policies in exchange for forbearance and additional capital.

FORBES: How Debt Limits A Country's Options