Wall Street Journal
April 15, 2011
Greece's government Friday outlined plans to take a further €26 billion ($37.68 billion) in new austerity measures over the next five years, and said it would decrease its stake in large state-owned enterprises in an effort to reduce its debt.
The measures, presented in a cabinet meeting earlier in the day, include some €15.6 billion in spending cuts, and were generally well received by economists who say they conform with Greece's commitments under an international bailout the country inked last May.
According to a presentation released by the Greek finance ministry, the measures would include some €15.6 billion in spending cuts, and another €10 billion in revenue measures through 2015.
Much of the savings would come from reducing wage costs in the public sector, cutting operating expenses at state-owned enterprises, and reducing defense and health-care spending. Many of these measures have already been flagged by the government in its talks with its international creditors.
"The valuation of expenditure-reduction measures seems to be realistic and the broad characteristics of the implementation strategy are discernible," said Nikos Magginas, an economist at the National Bank of Greece.
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