October 3, 2011
The Greek government acknowledged Sunday that it will miss its deficit target this year, as it moved ahead with a plan to slash thousands of public-sector jobs to meet the demands of international creditors.
Greece also has agreed to take some €6.6 billion ($8.8 billion) in new austerity measures in 2011 and 2012 to bring its budget back on track, but some economists warned that additional cuts will further weigh on the country's growth.
The Greek government called an extraordinary cabinet meeting Sunday to approve the 2012 draft budget as well as the job-cut plan, following three days of talks with a delegation of international auditors in Athens.
"I want to repeat that we will be unswerving in our goal: to fulfill all that we have promised to ensure the credibility of our country," Prime Minister George Papandreou told the meeting.
Late Saturday, Greece wound up a third day of talks with inspectors from the European Union, the International Monetary Fund and the European Central Bank—known as the troika—who will decide whether the country is eligible to receive further financial assistance.
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