Greece to approve additional €11.66 billion in cuts

Athens - The Greek cabinet met on Friday to approve the latest round of austerity measures that will see further cuts of €11.66 billion. The cuts then need the stamp of approval from Greece's international creditors.

On Friday, Greek media released a comprehensive list of cuts equalling €11.66 billion. However, Ekathimerini reported a source in the Ministry of Finance said "This list did not come from us.” Comprehensive cuts to pensions, state salaries, social welfare, education, health care, defence, public administration, public utilities and local government costs will be made, along with further increases in taxation. By far the biggest expenditure to be slashed is pensions, with cuts of over €4.5 billion scheduled, followed by cuts to health care of almost €1.4 billion. In comparison, cuts to the over inflated defence budget are a mere €517 million. The cost of public transport tickets will rise by 25 percent to bring in more revenue. To Vima reported Greek Prime Minister Anthonis Samaras announced the latest package of cuts are "difficult, unpleasant and painful but necessary, but not in vain. In two years we will have a different Greece. " Samaras went on to says the sacrifices were inevitable to keep Greece in the eurozone: "Without them, the country would return to zero credibility and, in essence, would exit the eurozone." The Troika of international creditors is due to reach a decision on the cuts on September 9.