Greece will cut its budget deficit by an unprecedented 30 billion euros over three years in return for a multi-billion euro bailout from the EU and the IMF, Finance Minister George Papaconstantinou said on Sunday.
The aid package for Greece is expected to total $120 billion ($160 billion) and aims to stabilize the finances of a eurozone member whose debt will grow to 140% of GDP by 2014.
Greece's austerity measures in return for the bailout include further tax increases and cuts in pensions and wages in the public sector.
The size of the aid package for Greece is expected to be agreed later on Sunday by European finance ministers in Brussels. The aid package will be provided to prevent the spread of Greece's debt crisis to other eurozone members.
Thousands of Greeks marched on Saturday in Athens in May Day demonstrations to protest the government's austerity measures.
ATHENS, May 2 (RIA Novosti)
