Greek premier says country risks sinking in debt
source: http://news.yahoo.com/s/ap/20091214/ap_on_bi_ge/eu_greece_economic_woes
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"ATHENS, Greece – Greece's prime minister announced a barrage of spending cuts Monday, promising to control a ballooning government budget deficit and warning that the country risked drowning in debt.
George Papandreou called for unity during a speech to business and union leaders in Athens. He pledged that his new Socialist government, elected in October, would take steps over the next few months that are decades overdue.
"Greece, with so much potential, is in critical condition," he said.
The raft of measures included a reduction in defense spending in 2011 and 2012; slashing bonuses across the public sector; reducing social security and government operating expenditure by 10 percent each, and salary caps for public utility directors.
He also called for taxes of up to 90 percent on large bonuses for private bankers; the closure of a third of Greece's tourist offices abroad, and eliminating cost-of-living increases for public sector workers with salaries of more than euro2,000 ($3,000).
Other measures include the introduction of capital gains tax and the resumption of inheritance and property taxes abolished by the previous government."
Read more in the full article below:
http://news.yahoo.com/s/ap/20091214/ap_on_bi_ge/eu_greece_economic_woes
George Papandreou called for unity during a speech to business and union leaders in Athens. He pledged that his new Socialist government, elected in October, would take steps over the next few months that are decades overdue.
"Greece, with so much potential, is in critical condition," he said.
The raft of measures included a reduction in defense spending in 2011 and 2012; slashing bonuses across the public sector; reducing social security and government operating expenditure by 10 percent each, and salary caps for public utility directors.
He also called for taxes of up to 90 percent on large bonuses for private bankers; the closure of a third of Greece's tourist offices abroad, and eliminating cost-of-living increases for public sector workers with salaries of more than euro2,000 ($3,000).
Other measures include the introduction of capital gains tax and the resumption of inheritance and property taxes abolished by the previous government."
Read more in the full article below:
http://news.yahoo.com/s/ap/20091214/ap_on_bi_ge/eu_greece_economic_woes
