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Greece's 2013 Budget to Deepen Cuts, Sustain Recession

Greece's 2013 Budget to Deepen Cuts, Sustain Recession


ATHENS (Reuters) – Greece will unveil a draft budget for 2013 on Monday which will cut deeper into public spending to impress international lenders but also prolong the economic pain of the Greek people.

Athens is keen to see its bailout funding resume as its next 31.5 billion euro tranche has been pushed back while inspectors from the European Commission, European Central Bank and International Monetary Fund decide if its current program of cuts is on track.

Greeks are bracing for more pain to bring the country’s public finances closer to a primary surplus – where all spending other than debt interest is covered by taxes – a milestone on the road to coming to grips with its debt mountain.

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