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Greece seeking 11.5 bln Euros spending cuts

08-20-2012 22:59 BJT

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3.2 billion Euros worth of government issued bonds are set to mature in Greece today (Monday), which begins a crucial week for the nation.

Greece’s Finance Minister says staying in the eurozone is the only option for the country to recover from its continuing debt crisis. But even if Greece stays in the bloc, the path is obviously still rocky.

Greece’s finance officials are seeking 11.5 billion Euros in spending cuts necessary for the country to continue receiving the international funding that is protecting it from bankruptcy.

Finance Minister Yannis Stournaras met with his deputy ministers and Labor Minister Yannis Vroutsis to hammer out the measures for 2013 and 2014, ahead of a series of top-level meetings between Prime Minister Antonis Samaras and top European officials later this week. The Finance Ministry hopes to have the "general direction" of the cuts finalized in time for a visit to Athens Wednesday by Luxembourg Prime Minister Jean-Claude Juncker, who chairs the eurozone finance ministers’ meetings.

The proposed measures will also be scrutinized by Greece’s debt inspectors from the International Monetary Fund, European Commission and European Central Bank, known as the troika, which is due to return to Athens in September.

Editor:Zhang Jianfeng |Source:

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