June 10, 2011
Greece provided details on Friday of a four-year economic plan designed to extract the country from its deepening debt hole, including new taxes as well as additional cuts to public spending and a winnowing of the civil service.
The plan, submitted in Parliament late Thursday, aims to raise 6.4 billion euros, or $9.2 billion, this year alone, Finance Minister George Papaconstantinou said at a news conference on Friday.
“Efforts will be based chiefly on reducing spending, not on increasing revenue,” he said. He promised a vote on the measures by the end of the month even as protests by opposition parties, unions and the public mount.
“We have to continue this difficult course of fiscal adjustment until we emerge on the other side,” Mr. Papaconstantinou said. Adoption of the new measures is “a prerequisite for further emergency funding,” he added.
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