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Latest updates on Greek Economy

NO NEW TAXES: Greece will cut spending further but it won’t impose new taxes, its finance minister said Monday, adding that talks with international debt inspectors on a second rescue package were at a “critical” stage. SLIDING SALARIES: Greeks have already seen several rounds of tax increases in more than two years under austerity measures. Salaries and pensions have also been slashed as the country struggled to meet the terms of its first international bailout, granted last year. UNEMPLOYMENT The overall unemployment rate in Greece reached 18.4% in August after standing at 17.7% in July. The rate of unemployment among Greeks under the age of 25 is today at 45.1%.More Greeks are now moving to Cyprus to look for work which has it own issues with increasing unemployment from 7.9% in September to 8.2% in October BAILOUT TALKS Greece aims to conclude talks with its international creditors on the country's second bailout package (€130 billion) by the end of January, Greek Finance Minister Evangelos Venizelos said Monday. Europe has demanded the country speed up tough structural reforms such as cuts in the minimum wage and overhauling the tax system. ECONOMIC SLOWDOWN Greece's economy now looks likely to contract by at least 6% this year and 3% next year—worse than official forecasts. In turn, with tax collections slumping and social transfers rising amid the recession, deficit targets look shaky
Tuesday, December 13, 2011