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The Hellenic Radio (ERA): News in English, 09-08-07

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

From: The Hellenic Radio (ERA) <>


  • [01] More Spending Cuts in 2010

  • [01] More Spending Cuts in 2010


    Last Updated on Friday, 07 August 2009 20:57

    Both the Organization for Economic Co-operation and Development (OECD) and the European Central Bank (ECB) have urged Greece to cut the deficit by more than 1% of GDP, meaning by 3.5 billion annually. The Greek Finance Ministry is working on the programme that will introduce to the European Commission in October, while it intends to put its heart and soul into stamping out tax evasion and cutting public spending by 10% in 2010. In the meantime, the Interior Ministry is speeding up the administrative reform, with a view to save 4 billion euros. PASOK (Panhellenic Socialist Movement) accused the government of causing economy to collapse.

    In countries with huge deficits and debts, the annual structural adjustment should stand at 1% of GDP, said the ECB President, also adding that given the danger of lower financial growth within the eurozone, governments should adjust their public spending to the new macroeconomic conditions and reverse huge demand the soonest/

    Under the estimates by the ECB President, the Greek Financial Ministry will have to save at least 3.5 billion euros on an annual basis. The plan that has been compiled for 2010 includes:

    -500 million euros from cuts in public spending

    -500 million euros from sale /lease back of state property

    The special operational plan for the administrative reform, which is already in full swing, is expected to play an instrumental role in the fight against red tape. The revenues expected to come out of it on an annual basis are estimated to 4 billion euros. Interior Minister Prokopis Pavlopoulos briefed Friday the Prime Minister on its progress.

    At the end of the National Strategic Reference Framework, Greece will have made the best of the EU funds for the modernization of the public administration, said the Interior Minister.

    Source: NET

    News item: 25591

    The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article
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