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Wednesday, June 12, 2013

Greece Shuts Public Broadcaster in Cost-Cutting Exercise

At midnight, all three channels produced by Greek Radio and Television, known as ERT, went off the air and will remain dark pending an overhaul that is expected to last several months and trim about 100 million euros from the annual state budget.





Under pressure from its international creditors to cut public spending, the Greek government on Tuesday announced the shutdown of state-run television and radio broadcaster ERT, which it called a “haven of waste”, idling some 2,900 employees that make up less than 1 percent of the public workforce.






<p>Under pressure from its international creditors to cut public spending, the Greek government on Tuesday announced the shutdown of state-run television and radio broadcaster ERT, which it called a &ldquo;haven of waste&rdquo;, idling some 2,900 employees that make up less than 1 percent of the public workforce.&nbsp;</p>



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READ THE ORIGINAL POST AT www.economywatch.com