(
VIENNA) - Austria s government agreed on Tuesday an increased austerity package worth 27.9 billion euros ($36.6 billion) in tax increases and savings to balance the budget by 2016.
The text will be submitted on Thursday to parliament, which is expected to ratify the deal in its March 28-29 session.
The 2012-2016 package was first announced at 26.7 billion euros in mid-February but later renegotiated between the governing Social Democrats and conservative People s Party.
It foresees 17.3 billion euros in savings through cuts in the pension system, civil service, state-run companies like Austrian Rail (OeBB) and sector subsidies as well as 9.2 billion euros in increased tax revenues.
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