In the News

Additional Austerity Measures

This week, Greece’s government announced plans to slash pensions, tax low-income earners and place thousands of public workers in a special labor reserve. The government also reaffirmed that it would not abandon the Euro. All steps designed to appease the demands of international creditors wanting to see fresh austerity measures put in place.

The country is under increasing pressure to come up with more than EUR 6 billion in additional budget cuts over the next two years to secure the release of the country's next bailout payment. Greece needs to receive a EUR 8 billion aid package in the next few weeks or the government is expected to run out of money by the middle of October. Negotiators hope to have a final plan in place by October 3.