ATHENS, Greece – Greece's finance minister is to outline details of a new round of painful austerity measures, a day after the country's Cabinet approved the plans and submitted them to Parliament.
Greece has been slipping on reform targets of its euro110 billion ($160.75 billion) international bailout, and the new austerity drive is essential for the debt-ridden country to continue receiving rescue loans.
Plans to be detailed Friday include tax hikes and spending cuts, including extra income, fuel, property and car taxes. Civil servants and pensioners will suffer more income cuts, while health, education, defense and social spending will be further curtailed.
They include euro6.4 billion in remedial austerity this year, a euro22 billion package for 2012-2015 and a euro50 billion privatization program.
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