Greece seeks EU support with austerity plan
China Daily | Updated: 2010-03-04 07:47
ATHENS - Greece's cabinet approved a sweeping new austerity program on Wednesday, the third in as many months, intended to rein in a bulging budget deficit and secure European financial support.
A government spokesman said the package of public sector pay cuts and tax increases would save an extra 4.8 billion euros ($6.5 billion), equivalent to 2 percent of gross domestic product.
"We are now justifiably expecting EU solidarity," Prime Minister George Papandreou said, adding that the additional steps were necessary for the country's survival.
Photo
