Greece Passes Fresh Austerity Measures in Bid to Secure Bail-Out Cash

by Szu Ping Chan

Greek MPs last night approved fresh austerity measures that will pave the way for new eurozone rescue loans and an agreement to reduce the country’s massive debt burden.

The ruling coalition, led by prime minister Alexis Tsipras’s Syriza party, backed the last part of a €5.4bn austerity package that includes further tax hikes as well as automatic spending cuts if budget targets are missed.

Eurozone finance ministers will meet on Tuesday to discuss disbursement of an €11bn loan tranche which the country needs before July to avoid a debt default.

Jeroen Dijsselbloem, the head of the Eurogroup, said this weekend that he was confident that Greece’s creditors could agree on a debt relief deal for the cash-strapped country.

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