Greek deal foresees 30 bln eur in cuts – finmin

ATHENS, May 2 (BestGrowthStock) – Greece has agreed a package of
austerity measures with the EU and IMF under which it will cut
the deficit by 30 billion euros over three years, Finance
Minister George Papaconstantinou said on Sunday.

Papaconstantinou said the agreement foresaw Greece’s budget
deficit falling to below 3 perent of gross domestic product
(GDP) in 2014. Debt was expected to rise to over 140 percent of
GDP and then fall from 2014.

He said the measures included a rise in value added tax
(VAT) to 23 percent from 21 percent, a 10 percent hike in fuel
and alcohol taxes and a further reduction in public sector
salaries and pensions.

Penny Stocks

Greek deal foresees 30 bln eur in cuts – finmin