Fi­nal touches put to more cuts, mea­sures

Kathimerini English - - Business & Finance -

Greece will de­tail more than 6 bil­lion eu­ros in spend­ing cuts and rev­enue mea­sures to meet the 2011 deficit tar­get of 7.4 per­cent of gross do­mes­tic prod­uct over the next few days, Fi­nance Min­is­ter Gior­gos Pa­pa­con­stanti­nou said yes­ter­day.

He told an eco­nomic con­fer­ence that the next steps in the gov­ern­ment’s at­tempts to over­haul the econ­omy needed the broad sup­port of all, in­clud­ing op­po­si­tion par­ties.

“The ef­fort for the next steps isn’t a mat­ter for a sin­gle gov­ern­ment or a few min­is­ters,” the min­is­ter said. It is one “for Greek so­ci­ety and must be en­dorsed by all po­lit­i­cal par­ties.”

In com­ing days, the Fi­nance Min­istry is also ex­pected to un­veil its midterm plan aimed at help­ing re­store the coun­try’s fis­cal health, en­abling a re­turn to the debt mar­ket. Greece re­mains frozen out of bond mar­kets by sky­high in­ter­est rates as in­vestors fret that Athens may even­tu­ally have to re­struc­ture its debt, set to top 150 per­cent of GDP this year.

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