Bloomberg News

Greece’s Cabinet Adopts Decree on Wage Cuts, Official Says

February 28, 2012

Feb. 28 (Bloomberg) -- Greece’s cabinet passed a decree to impose wage cuts which are part of commitments made to secure a second international aid package, a government official who was present at the meeting said.

Prime Minister Lucas Papademos told ministers the country being cut to “Selective Default” by Standard & Poor’s isn’t a concern and won’t have an effect on the economy, the official, who declined to be named, told reporters in Athens.

Papademos accepted the resignation of Citizen Protection Minister Christos Papoutsis and said his replacement will be announced by the end of the week, said the official.

To contact the reporter on this story: Antonis Galanopoulos at agalanopoulo@bloomberg.net

To contact the editor responsible for this story: Natalie Weeks at nweeks2@bloomberg.net


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