Showing posts with label austerity. Show all posts
Showing posts with label austerity. Show all posts

Sunday, September 30, 2012

Greek government in ‘basic agreement’ on cuts

Greek finance minister Yannis Stournaras says the three parties in the country’s governing coalition have reached a “basic agreement” on the austerity package for 2013-14, British Broadcasting Corporation reported.

The measures are likely to be presented to Greece’s international lenders on Monday before going before parliament.

The cuts are necessary if Greece is to continue receiving bailout funds.

Earlier, Greece announced plans to sell most of its 34 per cent stake in the gaming monopoly Opap.

Stournaras said there were “very few details left to work out” on the austerity package.

The deal comes the day after 50,000 anti-austerity protesters took to the streets of Athens.

The spending cuts are reported to be worth at least ¤11.5bn ($14.8bn; £9.1bn) and are a condition for Greece to receive the next ¤31bn instalment of its international loans.


More Stories in International Business

Source : punchng[dot]com


Please Like Us On facebook