Europe

Monday, September 26, 2011 - 19:31

Press: Greece's Venizelos: New Spending Cuts Up To E7 Billion


TOKYO (MNI) - Finance Minister Evangelos Venizelos said in a speech at the Institute of International Finance in Washington on Monday that the Greek government plans further spending cuts totaling between E6.5 billion and E7 billion, the Ekathimerini said on its website.

Venizelos will hold a news conference in Athens on Tuesday to discuss the new set of measures, the Greek daily said.

The measures include the retrospective slashing of tax exemptions from January 2011, new cuts in pensions by an average of 4% and an additional 20% reduction in state salaries, the report said.

"Three months after the additional measures of June, the government has agreed to further measures that amount to 3% of the country's gross domestic product," Venizelos was quoted as saying.

The government aims to meet the fiscal targets set for this and next year amid "deep recession, bad liquidity conditions, uncertainty and anxiety," he said.

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