We are not there yet, we still have 3.5 billion euros to four billion euros to cover." Greek Finance Minister Yannis StournarasGreek Finance Minister Yannis Stournaras says his debt-ridden country still needs to slash four billion euros off the country's public spending to continue receiving emergency rescue loans. "We are not there yet, we still have 3.5 billion euros to four billion euros to cover," the Associated Press quoted Stournaras as saying on Tuesday.
Greece has promised to cut 11.5 billion euros off its 2013-14 budget in order to get bailout from other eurozone countries and the International Monetary Fund (IMF).Greece has been at the epicenter of the eurozone debt crisis and is experiencing its fifth year of recession, caused by the harsh government-introduced austerity measures.
The austerity measures have left over a million people without jobs over the past years, while Athens has continuously struggled to meet the fiscal targets in its rescue loan agreements.The country has been the scene of numerous nationwide strikes and protests by the sacked and low-income workers and the students, who have suffered most as a result of the economic situation. The long-drawn-out eurozone debt crisis, which began in the country in late 2009 and reached Italy, Spain, and France last year, is viewed as a threat, not only to Europe, but also to many of the world’s more developed economies. KA/AS