Papademos identifies extra budget cuts to secure a second bailout

By @ibtimes on

Greek Prime Minister Lucas Papademos said at a Cabinet meeting yesterday that his government found the additional reductions needed to trim spending by 325 million euros, thereby paving the way for euro area finance ministers to approve providing a 130-billion-euro bailout when they meet tomorrow at 03:30 p.m. in Brussels.

Papademos said the government identified a series of additional measures amounting to 125 million euros in order to complete the package of budget cuts worth 325 million euros.

He said cutting pensions could not be avoided, yet he clarified that its effect is not severe as expected.

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