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Post by bot on Sept 21, 2011 13:57:43 GMT -5
Greece rolls out new austerity measures CHICAGO (MarketWatch) -- Greece will suspend more civil servants than it had previously planned and cut deeper into pensions in another round of austerity measures designed to mollify its creditors so it can avoid a national default, the Associated Press reports. The moves were announced a after a daylong cabinet meeting that was closely tracked by jittery investors. The wire service notes that they include increasing the amount of government workers to be suspended this year on partial pay to 30,000 from 20,000. Also, monthly pensions above $1,636 will be subject to new cuts, along with those for people under 55. On the revenue side, the AP reported that the tax-free limit on annual income will fall to $6,818 from $10,908 starting this year.
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