Greece to cut spending by 12 bn euros by 2014

Page last updated at 04:25 GMT, Friday, March 30, 2012 - 09:25 EST

AFP:

Lucas Papademos

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Greece will cut state spending by about 12 billion euros by 2014 to meet conditions under an EU-IMF debt rescue, Prime Minister Lucas Papademos told parliament on Friday.

"In 2013-2014 a reduction in state spending of about 12 billion euros is required under the new economic programme," Papademos told lawmakers in response to parliamentary questions.

"Every effort must be made to limit wasteful spending and not to further burden salaries of civil servants," he said.

Greece pledged in 2010 to slash its soaring public deficit in return for a first EU-IMF bailout of 110 billion euros ($146 billion).

From over 15 percent in 2009, it aims to bring the deficit to below the EU limit of three percent by 2014.

Read the whole story: AFP