Bloomberg
May 23, 2011
Greece’s Cabinet endorsed another package of spending cuts and state asset sales after the worsening bond-market selloff across the euro region forced the government to step up austerity measures.
Finance Minister George Papaconstantinou is seeking financial advisers to sell stakes in Hellenic Telecommunications Organization SA, Public Power Corp SA and a number of other companies, according to an e-mailed statement in Athens today. The government also approved revenue and spending measures to reach its 2011 deficit target after falling short of its tax collection goals.
“The Cabinet today reaffirmed its determination to continue with the fiscal consolidation by taking additional measures of over 6 billion euros, or 2.8 percent of gross domestic product, to achieve the 7.5 percent deficit target for 2011,” Papaconstantinou said in the statement.
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