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Athens Greece

September 26, 2012

Samaras approves €11.5 billion package of cuts

The Prime Minister approved a plan of austerity mandated reductions in spending against public sector wages, pensions and benefits. Also, the retirement age will increase from 65 to 67. Next, it goes before coalition leaders Evangelos Venizelos (PASOK) and Fotis Kouvelis (Democratic Left).

Also coming up is a 2 billion euros worth of new tax measures.

Troika inspectors did not accept 2 billion euros of reductions presented by the Greek side during the recent negotiations over treaty obligations. Presumably, after getting the new €11.5 billion reduction package through the Greek parliament, Troika inspectors will return for continued negotiating.

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