The Azerbaijan State News Agency

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GREECE UNVEILS AUSTERITY PROGRAMME TO CUT DEFICIT

Baku, 3 February (AZERTAC). Greek Prime Minister George Papandreou has announced tough austerity measures aimed at cutting his country`s soaring public debt.

Mr. Papandreou said a public sector pay freeze and fuel duty increases were essential because the economic crisis was propelling Greece towards a cliff.

He said the EU was pressuring him to curb the budget deficit, which is four times higher than the 3% permitted.

The European Commission will meet later on Wednesday to consider his measures.

Earlier, one of the principal architects of the euro warned against any financial rescue of Greece, saying it could destabilise the currency.

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