With mounting market pressure and speculation that Greece is again threatened with default, Prime Minister George Papandreou approved new measures to close the budget deficit.

The finance minister Evangelos Venizelos announced the Cabinet's approval to cut one month's waves from all elected officials and impose an annual charge on all property for two years which will be charged through electricity bills to ensure rapid collection.

Those measures target the ease of the recent argument among lenders after the suspension of the EU/IMF mission and rising bets that the nation does not qualify for the new tranche of loans. The measures target meeting in this year's 17.1 billion euros target by covering the 2 billion euros shortfall, and 14.9 billion in 2012.

Greece is threatened to miss the target for the deficit reduction this year to 7.5% of the GDP with the deep recession, especially after the government revised deeper its contraction expectations to 5.0% this year from 3.8% contraction projected in June.