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Greek cabinet approves draft austerity plan

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Greek cabinet approves draft austerity plan

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Greece’s newly confirmed cabinet has approved its austerity budget plan just one day after the government survived a crucial confidence vote in parliament.

The 28 billion euros worth of cuts, tax hikes and a massive privatisation programme should be enough for international lenders to release the next tranche of bailout money.

Yanis Varoufakis, economics professor at the University of Athens:

“It’s not going to make any difference because it cannot possibly be a solution to the problem. It will be a stop-gap measure that crisis is going to be prolonged, deepened, but some time will be purchased so that then European leaders hopefully will find it in themselves to design a solution as opposed to an extension of the existing problem.”

Protesters are setting their sights on June 28 -crunch day for parliament to vote on the measures.

In a symbolic gesture, 30 residents of Sparta arrived in Athens to show their solidarity with the protesters; Ancient Spartans were known for their courage in facing insurmountable odds.