Greece to cut 13.9 billion euros spendingOctober 24, 2012 - 22:05 AMT PanARMENIAN.Net - That clears the way for Athens to receive a much-needed 31.5 billion euro tranche to stave off a sovereign default. "Today we obtained the extension," Stournaras said, Suddeutsche Zeitung reported. Under the new package of austerity measures reported by the Greek media, Greece will cut spending and raise taxes to save a total of 13.9 billion euros over two years, and also reform national labor and insurance legislation. Final agreement on Greek labor market reform was reached during a video conference, Stournaras said. Greece is expecting its next tranche of financial aid by mid-November. The creditors have until now refused to grant the next 31.5-billion euro tranche unless Greece implements a new round of budgetary cuts and tax increases, RIA Novosti reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | IDBank, Dalma team up for Caucasian Deer Reintroduction Program IDBank has joined Dalma Garden Mall’s Green Challenge to support the Caucasian red deer reintroduction project. Through Ucom’s support the 12th Sunchild Festival concludes On May 24-28, with the support of Ucom, the 12th international environmental festival Sunchild took place in Yerevan. U.S., Turkey emphasize importance of Armenia-Azerbaijan peace deal Jake Sullivan and Akif Cagatay Kilic have discussed the normalization process between Armenia and Azerbaijan. Armenia coach expects good football in Slovenia friendly The Armenian national team has left for Ljubljana a friendly match against Slovenia on June 4. |