'Collapse or salvation' the stark choice faced by Greece as it faces £26billion budget cuts over TWO years
Greece's finance minister today outlined the savage spending cuts and tax increases his debt-ridden country must face to stave off bankrupcy.
The Mediterranean country has reached agreement with the EU and IMF on an aid package but will have to implement harsh austerity measures, including cuts to civil servants' salaries and pensions.
Finance minister George Papaconstantinou said the government is faced with a 'choice between collapse or salvation' of the country, and has to implement the measures, which aim to reduce the budget deficit to below 3 percent of gross domestic product by 2014, from the current 13.6 percent of GDP. more...