Home > Global news > Greece Approves Austerity Measures

Greece Approves Austerity Measures

Thursday, 23 June 2011 07:08

‘Despite weeks of protests against the government’s austerity measures, the Greek cabinet has approved a new austerity budget plan to help ease its massive public debt.

The 2012-2015 austerity budget plan has been a key requirement from the EU and International Monetary Fund (IMF) to release the next tranche of debt funding worth 12 billion euros ($17 billion), part of a 110-billion-euro rescue package agreed on last year.

The new plan that was approved on Wednesday, is worth some EUR 28 billion and includes a privatization program aimed at raising EUR 50 billion and further budget cuts as well as tax increases.’

Read more: Greece Approves Austerity Measures

Categories: Global news
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