Greece faces more wage and pension cuts

International auditors met Greece's Finance Minister yesterday to finalise details of the latest round of austerity measures that would save the debt-strapped country at least €11.6bn.

The cuts – which will again include reducing pensions and wages – are needed to secure the release of a €31bn loan tranche that will keep Athens from going bankrupt and being ejected from the eurozone.

Yannis Stournaras, the Finance Minister, was expected to lay out alternative measures in an effort to meet any objections, local media reported. Greece has come under fire for not implementing a number of structural reforms.

Finance officers from the European Union, the European Central Bank and the International Monetary Fund – collectively known as the Troika – are scheduled to meet the Prime Minister, Antonis Samaras, this morning.