(VOVworld)-Greek media on Friday reported that the government has submitted a plan of extra budget savings of 325 million euros to the international "troika" of creditors - the European Commission, European Central Bank and the International Monetary Fund. The creditor has threatened to stop financial bailout for the country if Athens did not present additional budget cut plan.
Greece is to cut an additional 100 million euros from defense and healthcare, nearly 45 million euros from lower pension base, about 20-30 million euros from retirement savings insurance. The remaining amount will be saved mostly through cutting subsidies for large families, and government spending this year.
The relevant will scheduled to be debated for approval at Parliament before 29th February. Greece is adopting an austerity program in exchange for 130-billion-dollar loans, and 100-billion sovereign debt write-offs.
In related developments, central banks of the Eurozone countries on Thursday reached agreement to exchange Greek assets and bonds coming due that are holding by these financial institutions to the new longer term bonds.