Monday, April 29, 2013

Greek Parliament Axes 15,500 Civil Service Jobs; Cuts Required for Greece to Get $11.5B in Loans

The Greek parliament passed a bill yesterday (April 28, 2013), which will see up to 15,500 public-sector workers laid off by 2015. The job cuts are among conditions set by the European Union (EU) and the International Monetary Fund (IMF) in return for 8.8 billion euros in emergency loans, according to the France 24 website.

The bill in Parliament -- which passed on a 168-123 vote -- will allow for Greece's first civil service layoffs in more than a century.

About 2,000 civil servants will be laid off by the end of May, with another 2,000 following by the end of the year, and a further 11,500 by the end of 2014 for a total of 15,500.

The legislation is the latest wave of Greece's draconian austerity program. Greece agreed this month with its bailout rescue lenders -- the EU and the IMF -- to implement the measures as a condition to receive new emergency loans worth 8.8 billion euros ($11.5 billion).

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