ECONOMY

State firms told to submit ideas to save money

The Finance Ministry has told the 12 biggest state companies and organizations that they will have to inform it by April 24 about the measures they intend to take to save a total of 602 million euros between them in the 2013-14 period, for the government to achieve the targets set by the midterm fiscal plan voted last year.

Out of the 602 million euros, 362 million concerns expenditure cuts while the remaining 240 million will be in the form of revenue-raising interventions.

?Everyone must understand that the main scenario of fiscal records will have to be implemented with precision in the future,? the ministry?s circular stated, adding that ?anything less would entail the broadening of the distance from the targets set by the memorandum [that Athens has signed with its creditors], which would require additional fiscal interventions that will burden all Greek citizens.?

This figures may well change in the coming months, though, as in June the new government will have to draft a revised midterm fiscal plan including the additional measures worth 11.6 billion euros for the next two years.