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Greece passes key austerity bill

Greek lawmakers have approved a key austerity bill, paving the way for the country to get its next vital bailout loans that will prevent it from defaulting next month. The unpopular €28 billion (¥3.3 trillion) five-year package of spending cuts and tax hikes was backed by a majority of the 300-member Parliament on June 29. The European Union and International Monetary Fund have demanded that austerity measures pass before they approve the release of a euro €12 billion (¥1.4 trillion) loan installment from last year's rescue package. (AP)

Shukan ST: July 15, 2011

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World News Greece passes key austerity bill Greek lawmakers have approved a key austerity bill, paving the way for the country to get its next vital bailout loans that will prevent it from defaulting next month. The unpopular €28 billion (¥3.3 trillion) five-year package of spending cuts and tax hikes was backed by a majority of the 300-member Parliament on June 29. The European Union and International Monetary Fund have demanded that austerity measures pass before they approve the release of a euro €12 billion (¥1.4 trillion) loan installment from last year's rescue package. (AP) Shukan ST: July 15, 2011 (C) All rights reserved