Greek Finance Minister details IMF deal

Cash

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"We are all being called to make a choice. The choice is between collapse or salvation. The choice is between fleshing out a very ambitious and difficult 3-year programme of fiscal consolidation, a programme of structural reforms ... or the country to reach an absolute dead-end."

PROTECTED FROM MARKET EXPOSURE

"Thanks to the aid the country will be protected from market exposure for the rest of 2010, 2011, 2012."

BORROWING

"The purpose of the aid programme is ... to win time to be able to return to markets under normal circumstances. The aim is that Greece returns to markets as soon as possible."

HELPING BANKS

"The third part (of the aid programme) is the creation of a fund, with specific IMF and EU contributions, that will safeguard ... capital adequacy in the banking system."

PUBLIC SECTOR WAGE FREEZE

"Salaries and pensions in the public sector will not see any increases during the programme."

 

CUTS

"Today we have to flesh out an economic programme which sees fiscal efforts to cut the deficit by 11 points of GDP, or 30 billion euros, starting from today and over the next three years."

Source : Various News Web Sites

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