Greece 's government Friday outlined plans to take a further EUR26 billion in new austerity measures over the next five years, and said it would sell down its stake in key state-owned enterprises in an effort to reduce its giant debt.

The measures, presented in a cabinet meeting earlier in the day, include some EUR15.6 billion in spending cuts, and another EUR10 billion in revenue measures.

The government also reaffirmed its previously stated goal of raising EUR15 billion from privatizations by 2013--and EUR50 billion by 2015--mainly by exploiting the state's vast property holdings.

However, the government said it would also reduce its 20% stake in former telephone monopoly Hellenic Telecommunications SA (OTE) this year, and sell a 17% stake in incumbent power company, Public Power Corporation SA (PPC.AT) next year.

Earlier Friday, Prime Minister George Papandreou said that more specific details of the austerity plan would be presented after Easter.

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