ECONOMY

Shutdown of state companies to save 650 mln euros (Update)

The government plans to merge or shut down 75 state bodies in a bid to save 650 million euros between 2012-2015 as part of spending cuts, according to officials from Deputy Prime Minister Theodoros Pangalos’s office.

Earlier, Pangalos told reporters said that the savings would reach 2.7 billion euros.

Details will be announced in October along with how the 7,000 employees working at the state organisations will be affected, Pangalos said after chairing a joint ministerial committee overseeing the reforms.