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| Version 1 | Version 2 |
|---|---|
| Greece votes for big budget cuts | Greece votes for big budget cuts |
| (6 days later) | |
| The Greek parliament has voted to adopt big budget cuts designed to lower the country's high levels of debt. | The Greek parliament has voted to adopt big budget cuts designed to lower the country's high levels of debt. |
| Greece aims to shrink public debt to 9.1% of overall economic output next year, down from 12.7% this year. | Greece aims to shrink public debt to 9.1% of overall economic output next year, down from 12.7% this year. |
| To do this, it has outlined measures to cut public spending and boost revenue by cutting back on red tape. | To do this, it has outlined measures to cut public spending and boost revenue by cutting back on red tape. |
| Concerns about Greece's high level of debt have led the three main international credit ratings agencies to downgrade Greek government bonds. | Concerns about Greece's high level of debt have led the three main international credit ratings agencies to downgrade Greek government bonds. |
| Greece's public debt currently stands at 300bn euro ($428bn; £268bn). | |
| The single-chamber parliament adopted the budget by a large majority, with the 160 Socialist Pasok deputies voting for, and 139 opposition members against. | The single-chamber parliament adopted the budget by a large majority, with the 160 Socialist Pasok deputies voting for, and 139 opposition members against. |
| One opposition member was absent. | One opposition member was absent. |
| Speaking after the vote, Prime Minister George Papandreou said the budget was "a contract to reconquer our credibility". | Speaking after the vote, Prime Minister George Papandreou said the budget was "a contract to reconquer our credibility". |
| "We shall prove our capacity and determination to change this country, to ourselves and to any foreigner who puts in doubt our will," he continued. | "We shall prove our capacity and determination to change this country, to ourselves and to any foreigner who puts in doubt our will," he continued. |
| Spending cuts | Spending cuts |
| Last week, Mr Papandreou warned that the country was at risk of "sinking under its debts", unless it introduced spending cuts. | Last week, Mr Papandreou warned that the country was at risk of "sinking under its debts", unless it introduced spending cuts. |
| He outlined a number of measures to reduce debt levels, including a 10% cut in social security spending. | He outlined a number of measures to reduce debt levels, including a 10% cut in social security spending. |
| He also announced a 90% tax on the bonuses of senior bank workers. | He also announced a 90% tax on the bonuses of senior bank workers. |
| Other proposals included a cut in defence spending, pay and hiring freezes for public sector workers, and the closure of a third of Greece's overseas tourism offices. | Other proposals included a cut in defence spending, pay and hiring freezes for public sector workers, and the closure of a third of Greece's overseas tourism offices. |