Greece is broke
(CNN) — The aid package being negotiated to bail out Greece is worth 120 billion euros (about $160 billion) through 2012, according to Vassilis Papadimitriou, a spokesman for Greek Prime Minister George Papandreou.
But the International Monetary Fund and European Union are demanding further austerity measures as a price for the bailout, according to a top Greek labor union official.
Greece will be required to cut civil servants’ salaries, freeze their pay increases, reduce their pension payments, change tax rates and increase the value-added tax consumers pay on purchases, according to Ilias Iliopoulos, the general secretary of the public sector union ADEDY.
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