Monday, June 27, 2011

Greece, it's the second drastic austerity plan

The economic program intended to Greece out of its crisis states by 2015 budget savings of 28.4 billion euros from privatization amounted to 50 billion. For 2011, the extra effort is 6.4 billion. The euro area has conditioned the continuation of financial support to countries for adoption by the parliament, scheduled for Wednesday and Thursday of this plan and its implementing legislation.

The objective is to reduce the public deficit to 1.1% in 2015 to curb debt, currently at 350 billion euros. Here are the main measures, divided almost equally between revenue (15 billion euros) and expenditure cuts (13.8 billion), in addition to a first austerity plan in 2010, focusing on wage cuts in the civil service and pension reform.

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