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Wednesday, March 3, 2010

Greece decides on 4.8 bln extra measures - govt source

Greece's cabinet on Wednesday decided to take extra austerity measures totaling 4.8 billion euros ($6.49 billion) to ensure it meets key fiscal targets this year, a government source said.

"Measures which will yield 4.8 billion euros have been decided," the government official who took part in the cabinet meeting said. "Half will be from spending cuts and another 50 percent from tax increases."

The measures include an increase of value-added tax by 2 percentage points to 21 percent and trimming public sector salary bonusses by 30 percent, the source said.

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