Economics

Juncker calls for tighter Greek surveillance

European finance ministers insisted Wednesday on much tighter oversight of Greece's spending and austerity efforts, despite politicians' assurances that Athens will go ahead with promised cuts and reforms to secure a €130 billion bailout.

14.03.2012

(AP) European finance ministers insisted Wednesday on much tighter oversight of Greece's spending and austerity efforts, despite politicians' assurances that Athens will go ahead with promised cuts and reforms to secure a €130 billion bailout.

Following a 3 1/2 hour conference call between the finance chiefs of the 17 countries that use the euro, the ministers welcomed the debt-ridden country's declaration that it had identified another €325 million in cuts on top of the layoffs of thousands of public workers and other wage and pension cuts.