Posted by: youngragingbull | April 29, 2013

Greece to lay off 15,000 civil servants

The Greek Parliament late Sunday passed a bill that will see 15,000 civil servants lose their jobs by the end of next year, according to media reports.

The layoffs are part of a new set of measures that the country must undertake in order to get secure aid from the troika of international lenders.

Euro-zone officials will meet in Brussels on Monday and are expected to grant their approval to the release of €2.8 billion ($3.65 billion in loans). The money was originally due in March, but stalled negotiations over civil servant cuts kept it from going through.

The layoffs will come in two stages, with 4,000 to go by the end of 2013 and 11,000 more by the end of next year.

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