Greek Parliament Approves 2011 Budget, Deficit Plan
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Greece’s parliament approved the government’s 2011 budget that aims to cut the fiscal deficit to about half of last year’s level, when it swelled to the largest in Europe and triggered a regional debt crisis.
The budget passed by a vote of 156 to 142 in the Athens-based parliament. Measures include 14 billion euros ($18.4 billion) in spending cuts and additional revenue aimed at cutting the shortfall to 7.4 percent of gross domestic product, from a projected 9.4 percent this year and meeting conditions of a 110 billion-euro bailout from the European Union and International Monetary Fund approved in May.