Greece to Present New Austerity Program

Greece intends to present a fresh austerity plan Friday and expects its next aid tranche to flow, a government official said, after Moody’s cut the country’s credit rating deep into junk territory. The budget plan will include a faster pace of privatization and 6.4 billion euros ($9.2 billion) of new savings including some tax rises, to eat into Greece’s debt mountain, the senior official told Reuters Thursday.

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