Greece proposes more austerity in 2011 budget

The Greek government proposed more austerity in the draft budget for 2011 that it submitted today as it tries to trim the deficit further to meet the conditions of an international bailout.

The government aims to trim the deficit to 7% of gross domestic product by the end of next year – lower than the 7.6% target set by the terms of the rescue package by the International Monetary Fund and eurozone countries.