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Greece's 2011 budget means more belt-tightening

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Greece's 2011 budget means more belt-tightening


Greece is pledging more cuts to meet the terms of its international bailout in a belt-tightening budget.

A USB information storage stick containing plans to raise VAT, freeze pensions and reduce government waste among other measures was handed over in parliament.

The extra steps are needed after Athens admitted it would miss this year’s target under the terms of an EU/IMF rescue package.

The new measures are meant to shrink the deficit to 7.4 per cent of GDP in 2011 from a projected deficit of 9.4 per cent this year.

The cuts are likely to trigger more discontent in heavily-indebted Greece. Recent clashes between dock workers and police are just the latest signs of

social unrest in a country where austerity has sparked numerous strikes and protests.

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