Economics
Greece Identifies $427 Million in Budget Cuts for Bailout
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Prime Minister Lucas Papademos said Greece found all the extra cuts needed to lower spending by 325 million euros ($427 million) to secure a bailout aimed at averting the region’s first sovereign default.
The government identified “a series of additional measures amounting to 125 million euros in order to complete the package of budget cuts worth 325 million euros,” Papademos told ministers at a meeting of the Cabinet in Athens yesterday, according to an e-mailed transcript.