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Papandreou, Samaras Urge Austerity to Avoid Default Chaos

George Papandreou and Antonis Samaras, leaders of Greece’s two largest parliamentary parties, demanded support and discipline from lawmakers to back budget cuts to secure international aid and prevent a collapse.

The interim government of Prime Minister Lucas Papademos yesterday approved deeper budget cuts needed to gain a second package of aid, preparing the way for a parliamentary vote in Athens tomorrow. The measures equal about 7 percent of gross domestic product over three years and include a debt swap that would shave 100 billion euros ($132 billion) off more than 200 billion euros of privately-held debt.