Central bank governor cuts his own salary

Central bank Governor Giorgos Provopoulos has decided to cut his salary by a fifth to set an example in curbing public spending. ‘It is a symbolic gesture for the difficult times we are in,’ a senior central bank source told Reuters yesterday. The wage cut also applies to the bank’s two deputy governors and the members of its monetary policy committee, the source said. The Bank of Greece declined to say how much Provopoulos will be earning after the cut. Greece is set to become the European Union’s most indebted country relative to the size of its economy next year. Its budget deficit is expected to swell to 12.7 percent of gross domestic product this year, more than four times the EU ceiling, with government debt soaring to 121 percent of GDP in 2010.

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