Greek MPs approve bailout budget cuts - Gayo Lues
The new package of spending cuts, worth EUR 3.2 billion (USD 4.3 billion), was approved late on Tuesday by lawmakers from socialist and conservative parties, an official vote count in the parliament showed.
Greece has negotiated the biggest debt restructuring in history as it seeks to reduce national debt to 120 percent of gross domestic product by 2020 from 160 percent last year, and to meet the terms of an EUR-130-billion (USD 170 billion) international bailout.
On Monday, the US ratings agency, Standard & Poor’s, downgraded Greece’s sovereign credit rating to ‘selective default’ in response to the country’s decision to involve the private sector in its comprehensive debt restructuring.
The crisis-hit country has the highest debt burden in proportion to the size of its economy in the 17-nation eurozone.
Despite austerity measures and bailout funds, the country has been in recession since 2009.
MAB/HN
source: Presstv.ir – Europe News
Share This Post
Related News You Should Read
Georgian police arrest ex-premier
Georgia’s former Prime Minister Vano Merabishvili (C) arrives for questioning at a regional prosecutor’s office in Kutaisi on May 21, 2013. Tue May 21, 2013 5:52PM Share | Email | Print Georgian police have arrested former premier as well as ex health minister on charges of embezzlement and abuse of office. Former Prime Minister Ivane
Greece suicide rate hits 50-year high
Tue May 21, 2013 1:6PM Share | Email | Print Data from Greece national statistics agency shows the number of suicides in crisis-hit Greece has hit a 50-year record. CAH/SS source: Presstv.ir – Europe News
Spain court charges 22 policemen
A Spanish police officer aims a rubber bullet gun at protesters in Barcelona. (File photo) Sun May 19, 2013 8:5AM Share | Email | Print A court in Spain has formally charged 22 Spanish riot police officers with causing serious harm to a man when they fired rubber bullets at protesters in Barcelona. Judge Josep
Advertisement
Maybe You Like This
File photo shows a man looking for job opportunities on newspapers in a downtown Naples shop, Italy.Wed Oct 31, 2012 11:20AMShare | Email | PrintOfficial figures...
Spanish workers shout as they demonstrate against the government's austerity measures .(file photo)Fri Sep 28, 2012 6:23PMShare | Email | PrintI cannot buy...
Iran unveils a new indigenous stealth reconnaissance-combat drone dubbed Hamaseh on May 9, 2013.Thu May 9, 2013 6:19PMShare | Email | PrintIn August 2010, Iran...
Hellenic Postbank employees gather in front of the bank headquarters in the center of Greece’s capital Athens to protest against the planned privatization of the...
Fire is seen burning at a storage tank in Venezuela’s Amuay oil refinery, August 26, 2012Tue Aug 28, 2012 3:53AMShare | Email | PrintThe death toll from the...
