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Greece Must Make 3.2 Billion Euros of Cuts in 2012, Ta Nea Says

Greece must cut spending by 3.2 billion euros ($4.2 billion) this year to get approval from the European Union, the European Central Bank and the International Monetary Fund for a new financing package, Ta Nea reported, without saying how it got the information.

The so-called troika and the Greek government have agreed on cuts of about 2.5 billion euros so far; another 700 million euros have still to be determined, the newspaper said.

The Greek government has so far agreed to cut health and pharmaceutical spending by 1.1 billion euros, defense by 300 million euros and state investments by 400 million euros. Another 665 million euros will be cut from subsidies and other costs, Ta Nea said.

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