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Greece launches fresh round of budget cuts

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  #1  
Old 04-03-2010
steven's Avatar
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Default Greece launches fresh round of budget cuts

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Originally Posted by news.com.au
GREECE launched a fresh round of draconian austerity measures today, winning respite on the markets and setting the scene for crucial European support that analysts say could come soon.

The Socialist government increased sales, tobacco and alcohol taxes and cut public sector holiday allowances to save €4.8 billion ($7.23 billion), equal to about two per cent of gross domestic product (GDP).

Pensions in the public and private sector were also frozen.

"These decisions are necessary for the survival of the country and the economy," Prime Minister George Papandreou said.

Warning of a "race against time" to raise money for maturing debt, Mr Papandreou also turned the heat on Brussels, saying Athens was now "justly awaiting" a positive response.
Story Link: Greece launches fresh round of budget cuts | News.com.au
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Old 04-03-2010
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Default Rioting in the streets

Look for more riots in the streets of Greece over the coming days. The people will not be happy to accept cuts. It doesn't take much to get the population going.

I hope for their sake that it isn't as bad as 2008.
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Old 05-03-2010
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SIM
My opinion, for what it is worth and that may not be much, is that anything that has gone before will prove a picnic compared to what is hurtling down the road now.
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