Greece’s Additional Budget Cuts Said to Be Backed by EU, IMF
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Measures proposed by the Greek government to complete a 78 billion-euro ($111 billion) austerity package required to win a bailout were endorsed by officials from the European Union and the International Monetary Fund, said a person familiar with the matter.
Greek lawmakers must approve the measures in a vote next week, a condition for receiving a fifth loan payment under an existing EU-led bailout and for future financing. Failure to secure aid would push Greece to the brink of default, with the country needing the funds to cover 6.6 billion euros of maturing bonds in August.