June 2, 2011
After weeks of intense negotiations with its international creditors, Greece will announce fresh austerity measures on Friday in an effort to restore waning confidence in its economic performance a year after securing €110bn (£96bn) in emergency loans, the biggest bailout in western history.
The prime minister, George Papandreou, who is facing mounting domestic opposition, will present new cost-cutting policies deemed vital for the European Union and the International Monetary Fund (IMF) to release a fifth cash injection of €12bn to the debt-stricken country.
The plan, which is likely to include savage spending cuts, tax rises and the acceleration of a huge privatisation programme, aims to trim the budget by €6.4bn this year alone. Officials said the steps would be outlined by Papandreou in talks with Jean-Claude Juncker, head of the Eurogroup finance ministers, in Luxembourg.
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