Greece Passes Austerity Bill

A contentious bill that will raise taxes and cut spending has been passed by the Greek parliament. The legislation is intended to meet so-called “austerity” targets to reduce Greece’s deficit and is required as part of the deal to provide Greece with emergency funding. Had the legislation been defeated, Greece would have been unable to meet an upcoming series of bond repayments and would have been forced to default.

Source: BBC News

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