2011 will be a lean year

Published on 23 December 2010 at 11:30

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At last, the 2011 budget has finally been approved, reports Ta Nea. On another gloomy day in Greek politics, the socialist majority voted for a further round of public spending cuts, public sector wage reductions, and tax hikes, while anti-government and anti-IMF protesters marched in the streets of Athens. The budget aims to reduce the annual deficit to 7.4 percent of GDP from its current level of 9.4 percent, which is one of the conditions imposed by the IMF for the release of a further tranche of funds. Headlining with "The government is walking in in a mine field," the daily remarks that in the new year, "the government will return to face a mountain of problems,” which will include the deregulation of a number of business sectors.

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