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Angst over Greece's austerity plans

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Angst over Greece's austerity plans

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Unions in Greece are threatening to hold nationwide strikes next month amid growing discontent about new austerity measures.

A European Union team is currently in Athens to inspect a government plan to cut its ballooning deficit and debts.

Athens is promising to get its budget shortfall to below the EU’s limit of three percent of GDP by 2012.

Greek Finance Minister George Papaconstantinou said: “A plan will be finalised and submitted to the cabinet for approval, then it will go to parliament for discussion, and around January the 20th it’ll be submitted to the European Commission.”

In the public sector the government has already announced a 10 percent cut in overtime pay and a freeze on hiring new staff, as well as a 10 percent cut in social security spending this year.