13 August 2012
"As we promised during the election campaign, we do not take horizontal measures. We take vertical."
While Greece is experiencing its fifth year of recession – GDP contracted by 6.2% in the second quarter of 2012 compared to Q2 2011– by September, the government must announce its plan to find savings worth €11.5 billion for 2013 and 2014. These are likely to include public sector wage cuts and pensions.