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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Greece agrees painful cuts in return for bailout AFP - Monday, May 3 Send IM Story Print Demonstrators clash with police during a massive demonstration to protest against austerity measures and marking May Day in Athens. The Greece government announced it would slash pensions, hike taxes and halt year-end bonuses as it called for a national sacrifice to access a 120 billion euro bailout and beat bankruptcy. ATHENS (AFP) - – The Greece government announced it would slash pensions, hike taxes and halt year-end bonuses on Sunday as it called for a national sacrifice to access a 120 billion euro bailout and beat bankruptcy. Prime Minister George Papandreou announced Athens had reached a deal with the European Union and International Monetary Fund to secure loans in return for deeply unpopular austerity measures in a desperate bid to save the nation. "With our decision today our citizens will have to make big sacrifices," he said in a televised address at the start of an extraordinary cabinet meeting, one day after police clashed with protesters angry at the austerity drive. Greece has been under heavy pressure to cut a massive public deficit that has rattled international markets and sparked fears of contagion to other heavily indebted European countries. Related article: Greek crisis borne of corruption, waste: experts The country faces an urgent need for help with nine billion euros (12 billion dollars) in debts due on May 19. In exchange for emergency loans, Greece agreed new budget cuts of 30 billion euros over three years with the aim of slashing the public deficit to less than three percent of output by 2014, said Finance Minister George Papaconstantinou. The deficit reached 13.6 percent of gross domestic product last year. Among the major measures to make the budget cuts, the Greek government is to scrap bonus 13th and 14th month wages for public sector workers as well as for retired people from both the public and private sectors, Papaconstantinou said. The 21-percent value added tax would also be lifted this year by one to two percentage points. Illegal construction, which is rampant in the country, would also be taxed. Papaconstantinou said the measures were the "only road to save the country", which was threatened with default on debts totalling nearly 300 billion euros. The country faces a long road out of recession as the finance ministry announced that the economy would shrink by four percent this year, instead of the previously estimated 2.0 percent, and only return to growth in 2012. The debt will rise from 133 percent of output this year to peak at 149 percent in 2013 before beginning to fall again in 2014, the ministry said. Papaconstantinou said the overall value of the EU-IMF bailout package would be announced at an extraordinary meeting of eurozone finance ministers Sunday afternoon in Brussels. French Finance Minister Christine Lagarde has said the loans could run from 100 to 120 billion euros (133 billion to 160 billion dollars) over three years. Related article: Moody's downgrades Greek banks Visibly uneasy making the announcement on the morning after violent anti-government protests in Athens, Papandreou said the size of the bailout was "without precedent" in the world. After months of hesitation, eurozone countries decided to accelerate rescue efforts for Greece out of fear its debt crisis could pull down other members with severely strained public finances such as Portugal or even Spain. "Today the problem has taken on huge dimensions, today the fire risked extending not only to Greece but to the eurozone and beyond," Papandreou said. "The cost of extinguishing it is very high, and it's very high for Greek citizens." Speaking after Papandreou's announcement, European Union Commission Jose Manuel Barroso recommended the aid package be activated, saying the austerity measures planned by Athens were "solid and credible". After eurozone finance ministers back the deal, the funding will have to be approve by some parliaments, including the German and French legislatures. Greece was left with no choice but to turn to the EU and IMF after its borrowing costs soared to record heights and its credit rating was cut ot junk status last week. The government, the EU and the IMF wrapped up negotiations on Saturday as 15,000 people swarmed through the streets of Athens in May Day protests against the austerity drive. Anti-riot police fired tear gas at youths to contain clashes on the margins of the marches which Greek union leaders wanted to be a prelude to what they hope will be a crippling nationwide general strike on Wednesday. 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