Greece, today crucial majority summit on cuts

The Greek government is trying to accelerate the approval of an austerity package worth 13.5 billion euros including cuts and new taxes for 2013-2014, possibly before a meeting of eurozone partners scheduled on October 8. The measures will be discussed by the government majority at a meeting this morning starting at 10.30 am local time. According to media reports, the package includes the abolition of the Christmas bonus and '14th salary' payment for public employees, new cuts for pensions over 1,000 euros, increasing the state pension age from 65 to 67 and placing 15,000 government employees on unemployment insurance for the next two years. Meanwhile Finance Ministry employees will start a 48-hour strike today against new salary cuts in the austerity package and have scheduled a demonstration starting at 11 am local time in downtown Athens.