Financial Times
October 2, 2011
Greece’s cabinet on Sunday approved large cuts in next year’s budget – including the immediate dismissal of thousands of public sector workers – under intensifying pressure from its international creditors.
The cabinet met after Evangelos Venizelos, Greek finance minister, wrapped up negotiations with experts from the European Union, International Monetary Fund and European Central Bank – a group known as the troika – in the early hours of Sunday.
Mr Venizelos’ deputy is expected to present the draft 2012 budget to the Greek parliament on Monday, so the finance minister can attend an emergency meeting of his eurozone peers in Luxembourg. The finance ministers will assess progress on reforms that are required before Greece can secure the next €8bn tranche of its current bail-out loan.
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