The Greek government has announced a new package of austerity measures expected to defuse a government debt crisis. The new measures, aimed at saving 6.5 billion U.S. dollars, include a 30-percent cut in their holiday bonus for civil servants, tax hikes of two percentage points on fuel and cigarettes. Value-added tax is up from 19 to 21 per cent. Prime Minister George Papandreou said the decisions were necessary for the survival of the country and the economy.
News On AIR | March 3, 2010 9:22 PM
Greek government announces new austerity measures