Breakthrough on Austerity Clears Way for Greek Deal

http://pix04.revsci.net/H07707/b3/0/3/0806180/692155385.js?D=DM_LOC%3Dhttp%253A%252F%252Fwww.themuslimtimes.org%252Fwp-admin%252Fpost-new.php%26DM_CAT%3DNYTimesglobal%2520%253E%2520General%26DM_EOM%3D1&C=H07707ATHENS — After days of dramatic talks, Greek political leaders reached a deal on Thursday to support a package of harsh austerity measures demanded by Greece’s financial backers in return for the country’s latest bailout.

The deal is expected to unlock the 130 billion euros, or $172 billion, in new loans and save Greece from potentially disastrous default.

Talks between Prime Minister Lucas D. Papademos and the three leaders backing his coalition had stalled overnight over proposed cuts to pensions, but on Thursday leaders said they had found a way of plugging the 300 million euro shortfall by cutting defense spending and other expenditures.  Read more

Categories: Economics, United States

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