**The Greek parliament will vote later on emergency budget cuts designed to lower the country’s high levels of debt.**Greece aims to shrink public debt to 9.1% of overall economic output next year, down from 12.7% this year.
To do this, it will outline measures to cut public spending and boost revenue by cutting back on red tape.
Concerns about Greece’s high level of debt have led the three main international credit ratings agencies to downgrade Greek government bonds.
The government has said that restoring international credibility is vital.
Greece’s public debt currently stands at 300bn euros ($428bn; £268bn).
Analysts say the budget cuts are likely to be passed.
Spending cuts
Last week, Prime Minister George Papandreou warned that the country was at risk of “sinking under its debts”, unless it introduced spending cuts.
He outlined a number of measures to reduce debt levels, including a 10% cut in social security spending.
He also announced a 90% tax on the bonuses of senior bank workers.
Other proposals included a cut in defence spending, pay and hiring freezes for public sector workers, and the closure of a third of Greece’s overseas tourism offices.