Greek leaders identify two-thirds of spending cuts
Source: Financial Times
Greek political leaders have identified two-thirds of the spending cuts demanded by international creditors as a condition for resuming loan disbursements, but they sounded a warning over rising poverty levels as the country’s five-year recession continues unabated.
Leaders of the three-party coalition gave broad backing on Wednesday to measures worth €7.5bn-€8bn out of a total of €11.5bn of cuts due to be implemented in 2013 and 2014, including reductions in central government operating costs, grants to local government, wages and benefits at public sector corporations, and a ceiling on pensions.
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