Greeks about to encounter new saving plan on budget crisis

Greece,In addition to an increase in the retiring age from an average 53 to 67, a fixed salary for a three year period and cuts in public sector pay are said to be some of the measures to save the Greek economy from bankruptcy.

Greece residents in difficult days as government fights bankruptcy
Greece residents in difficult days as government fights bankruptcy

These conditions are agreed by the Greek Government in exchange for a €24 billion rescue package.

The provision also includes severe cuts in Civil Service expenditures. According to this, public officials may lose their two months’ salary and health insurance payment. Moreover a reduction of supplementary payments and tax increases on alcohol and tobacco may follow these to recover budget squeeze.

The framework was drawn last night with officials from the European Commission, the International Monetary Fund and the European Central Bank. A conclusive draft will be ready for approval by the Greek Parliament next week.

After the negotiations, the Prime Minister George Papandreou stated:
”I expect, the aid will be agreed within days. As you all know, Greece is facing a severe battle for survival. We will do whatever it takes to save the country,”.

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