Greek 2012 budget to be submitted to Parliament

ATHENS, Greece (AP) ? Greece's government is to detail spending cuts that will see thousands of civil servants suspended as it submits its 2012 budget to Parliament.

The submission comes a day after the country's finance ministry admitted that it won't get its budget deficit down as much as originally agreed with the country's international lenders.

The budget is to be submitted later Monday, a day after it was approved by the Cabinet. The Finance Ministry said Sunday that Greece won't meet 2011-2012 deficit targets. This year's deficit is expected to reach 8.5 percent of gross domestic product, higher than the targeted reduction to 7.8 percent.

Greece relies on regular payouts of loans from a euro110 billion ($150 billion) bailout from other eurozone countries and the International Monetary Fund.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-10-03-EU-Greece-Financial-Crisis/id-dc9d56e12df24acc86f97920163d2518

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