Papademos Gets Cabinet Approval for 2nd Bailout
From bloomberg.com
Greek Prime Minister Lucas Papademos obtained approval from his Cabinet for deeper budget cuts needed to secure a second package of international aid, clearing the latest hurdle in his race to prevent financial collapse. Cabinet approved the 287-page document unanimously, said a government official, who declined to be named. The approval means the 300-seat Parliament will vote, probably tomorrow, on budget measures amounting to 7 percent of gross domestic product over the next three years and a debt swap to slice 100 billion euros off more than 200 billion euros of privately-held debt. “The social cost this program ...
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