NEWS

Latest cuts extend Greek austerity to decade mark

TAGS: Politics, Economy

Lawmakers in Greece are starting a four-day debate on a new package of spending cuts that will extend the number of years Greeks have lived under austerity to more than a decade.

The latest round of measures will introduce pension cuts in 2019 and higher income tax in 2020, under an agreement with international bailout lenders for continued rescue funding.

Greek public finances are currently being propped up by a third successive bailout, monitored by European Union institutions and the International Monetary Fund.

Draconian spending cuts have seen poverty rates surge to more than 35 percent, with the EU average under 24 percent.

Debate on the new austerity measures begins in parliament Monday and is due to end with a vote late Thursday.

[AP]

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