Greece's government unveils major spending cuts

[The Northerner]

Source: BBC

The Greek prime minister has unveiled a series of spending cuts, warning that the country is at risk of "sinking under its debts".

George Papandreou said the planned cuts would include a 10% cut in both social security spending, and overall government operating expenditures.

Calling for national unity, he vowed to reduce Greece's public deficit from the current 12% to under 3% by 2013.

He also announced a 90% tax on the bonuses of senior bank workers.

Other proposals include a cut in defence spending, pay and hiring freezes for public sector workers, and the closure of a third of Greece's overseas tourism offices.

Read more: http://news.bbc.co.uk/2/hi/business/8411749.stm

[OneTenthofOnePercent]

1. This should be interesting to follow in the future. n/t

[WriteDown]

2. Should be some MAJOR protests coming. nt

[DissedByBush]

3. Cutting spending, what a concept

Too bad they haven't heard about it over here.

[JonQ]

4. "sinking under its debts", nonsense

You don't have to worry until its in to the tens of trillions, and even then, meh.