Greece introduces more austerity measures amid default fears
Greece is introducing a new raft of temporary austerity measures as speculation persists that it is on the verge of default.
Homeowners are being levied with a severe new property tax, while public sector pay is being cut by up to 50% in some cases.
The state television is being shut down.
The cuts will last until October, by which time the Greek government hopes it will be in a position to draw down another cash installment from the IMF and EU.
The country's Prime Minister George Papandreou is set to hold a tele-conference with the leaders of France and Germany tomorrow as they try to calm world markets.
It has been reported that the Greek government is set to run out of money within weeks.
