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Greece will slash 30,000 jobs to meet conditions

In post on October 3, 2011 at 6:00 pm

After marathon talks with foreign auditors, the Greek government said it had reached a deal on how to slash its unwieldy public sector by putting 30,000 workers on a scheme that would lead to early retirement for some and dismissal for others, in a bid to meet conditions set by foreign lenders for the release of crucial emergency loans.

The government also conceded that it would miss a deficit-reduction target of 7.6 per cent of gross domestic product. The deficit is projected to equal 8.5 per cent of GDP this year. The deficit shortfall had been expected because of delays in carrying out reforms and a deeper-than-expected recession, with the Greek economy forecast to contract by 5.5 per cent this year. A government spokesman, Ilias Mossialos, said the deal was the result of “long and difficult negotiations” with foreign auditors and that it constituted the “gentlest possible scenario in terms of social repercussions.” via http://www.deccanherald.com/content/195508/greece-slash-30000-jobs-meet.html

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