Greek government approves eurozone debt deal

Feb 11, 2012 |

Athens

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Greece's coalition government early Saturday ‘unanimously’ approved a eurozone debt deal and accompanying austerity measures to avert a looming bankruptcy, the prime minister's office said.

"There was unanimous approval" of the deal which saves Greece from a disorderly default in March, Prime Minister Lucas Papademos' office told the media.

The semi-state Athens News Agency said the deal was submitted to parliament for a vote Sunday but government spokesmen could not be reached for comment.

Agreement on austerity measures demanded by Greece's EU-IMF creditors had also been reached earlier in the week according to Papademos, but the coalition's junior partner on Friday defected from the government in protest at the cuts.

Greece was explicitly told by its eurozone partners this week that it must agree to further austerity measures in order to secure the release of further loans under the 130-billion-euro ($171 billion) bailout pending since October.

The rescue fund is essential to stave off bankruptcy on March 20, when Athens must repay nearly 14.5 billion euros in maturing debt.

The belt-tightening measures have sparked protests and two general strikes this week.

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