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GreekReporter.comGreek NewsEconomyGovernment Announces New Austerity Measures‎

Government Announces New Austerity Measures‎

Government will cut pensions, extend a property tax hike and put tens of thousands of public workers on notice as part of a deal to continue receiving aid funding from its international lenders, government officials said on Wednesday.
Government spokesman Elias Mossialos outlined the new spending cuts after a 6 1/2 hour Cabinet meeting, the outcome of which was being watched closely by nervous global markets.
Measures following two rounds of talks with the European Union and the International Monetary Fund include: a 20 percent cut in pensions of more than 1,200 euros ($1,650) a month, according to a government statement; pensions paid to those younger than 55 will be shaved by 40 percent for the amount exceeding 1,000 euros and wages will be lowered for 30,000 state employees.
“The risk is that the system, the financial sector and the real economy stop functioning” without the infusion, Finance Minister Evangelos Venizelos told Parliament in Athens today before Papandreou convened his inner Cabinet to complete the cuts.

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