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Greek 2013 Budget Sees Sixth Year Of Recession

Greece will frontload budget cuts to achieve a primary surplus in 2013 for the first time in many years but its economy will shrink for a sixth consecutive year by up to 4 percent, a government official told Reuters.

The government will unveil a draft budget draft later on Monday, aiming to satisfy international lenders but expected to prolong the economic pain of the Greek people.

It will include more cuts in public sector pay, pensions and welfare benefits as part of an 11.5 billion euro (9.1 billion pounds) austerity package of savings that will be spread out over the next two years.

Greece’s economic output has declined by a quarter since 2008 in a vicious spiral of austerity and recession, with the most heavily indebted euro zone nation repeatedly falling behind in meeting targets set under its EU/IMF bailouts and at risk of being forced out of the single currency area.

Source: Reuters

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