Friday, October 22, 2010

Greece Plans Local Overhauls

Wall Street Journal
October 22, 2010

Plagued for years by a bloated bureaucracy, Greece is counting on a radical overhaul of local government that will slash thousands of public-sector jobs, cut red tape and potentially save it €1.5 billion ($2.09 billion) a year, in order to nurse the country back to financial health.

Starting Jan. 1, Greece's Socialist government will implement its long-promised Kallikratis reform—named after one of the two architects of Athens' Parthenon temple—that will abolish two-thirds of the country's remaining 1,000-odd municipalities and dozens of district governments.

The steps will come on top of the most stringent fiscal austerity plans in Europe after Greece's near-insolvency last spring and risk rekindling popular resistance.


No comments: