IMF seeks job cuts after Greece misses targets

The Associated Press
December 14, 2011
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Poul Thomsen, the International Monetary Fund mission chief in Greece, right, and Horst Reichenbach, head of Task Force for Greece of the European Commission, speak each other during the annual conference of American-Hellenic Chamber of Commerce in Athens, Wednesday, Dec. 14, 2011. Greece has reached its limit in raising taxes and needs to refocus its austerity program on long-term spending cuts, the International Monetary Fund said Tuesday. (AP Photo/Thanassis Stavrakis)

MORE CUTS SOUGHT: Greece's rescue creditors pressed it to further scale back the public work force and workers' pay rights.

NOT NEW TAXES: The International Monetary Fund's top official in Greece said the country has "reached the limit of what can be achieved through raising taxes."

GOALS MISSED: Greece has admitted it will miss its deficit targets this year as its revenues remain weak despite draconian tax hikes. But Prime Minister Lucas Papademos promised to speed to painful reforms as needed.