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Greek cabinet approves supplementary austerity package

(Xinhua)

13:46, February 19, 2012

ATHENS, Feb. 18 (Xinhua) -- The Greek cabinet approved on Saturday evening a final supplementary austerity package to secure further international financing next week to avoid bankruptcy in March.

During the euro group meeting on Monday the discussion regarding the Greek new economic program would be concluded, said Greek Prime Minister Lucas Papademos chairing the extraordinary cabinet meeting, expressing confidence for a positive outcome.

The additional 325 million euros worth (427 million U.S. dollars) spending cuts sealed on Saturday were one of the last preconditions set by European Union and International Monetary Fund creditors in order to give the "green light" to a 130-billion-euro (170 billion U.S. dollars) bailout package to Greece, the second in two years.

The bill with the final measures that includes fresh 12 percent cuts to main pensions exceeding 1,300 euros per month and auxiliary pensions above 200 euros per month, along new reductions on salaries of civil servants, is expected to be put for voting in parliament by Monday on time for the crucial Euro group meeting.

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