World Bulletin/News Desk
Greece has inched closer to nailing down the cuts required by its foreign creditors in exchange for financial aid, agreeing 10.8 billion of the 11.5 billion euros worth of cuts demanded, a government official said on Friday.
Finalising the 11.5 billion euros in savings due in 2013-15 is key to a positive review from its lenders, due in Athens next month for a final verdict on whether they will keep funds flowing to the austerity-bound country.
"We're on a good path. Measures worth 10.8 billion euros have been identified," a finance ministry official told Reuters after a meeting of government officials late on Friday, speaking on condition of anonymity.
The official did not elaborate on where the cuts would come from and said talks to finalise the package would continue on Monday.
The Conservative-led coalition has broadly agreed on the measures but has been scrambling to specify the savings, expected mainly from state salaries and pensions, and up to 40,000 public sector layoffs.
The measures have to be approved by Greece's three ruling parties and then by the troika of European Union, International Monetary Fund and European Central Bank officials.
Twice bailed-out Greece is dependent on a second, 130-billion-euro rescue deal agreed in March to give it the funds to keep paying public sector wages, pensions and bills.
Prime Minister Antonis Samaras will next week hold his first meetings with European leaders since taking office, striving to assure them Athens will keep its pledges for more austerity.
He is also expected to raise a long-standing proposal that the measures be spread over four instead of two years to soften their impact on a Greek populace enduring the country's worst downturn since World War Two.
Summit is expected to provide member states with opportunity to consult, exchange views on the most important issues concerning them in the framework of the Gas Exporting Countries Forum
Slowdown in Chinese economy, rising oil stocks in US, and oversupply from OPEC are all factors making price of oil lower
'World is more connected than ever before. More and more developing countries are seeking to join global trade networks,' WTO director-general says
European Central Bank is ready to use ‘all instruments available’ to stimulate the eurozone economy, Draghi says
Kazakhstan has overtaken Australia as the lead supplier of uranium for US reactors.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.