Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared

By the Associated Press

Posted Jun 30, 2011 9:25 AM CDT

(AP) – Greece has bought itself some time to deal with its crippling debt crisis after lawmakers cleared the final hurdle for crucial bailout funds to be released, which will prevent the country from defaulting next month. The EU and IMF had demanded Parliament pass two bills—an austerity law and a second bill detailing how it will be implemented—before they approve a $17.3 billion installment from the country's $159 billion package of rescue loans. Parliament passed the second law by majority vote today.

Greek Prime Minister George Papandreou, first left seated, applauds with his party parliament members, after they vote the new austerity measures in the Greek Parliament in Athens June 29, 2011.
Greek Prime Minister George Papandreou, first left seated, applauds with his party parliament members, after they vote the new austerity measures in the Greek Parliament in Athens June 29, 2011.   (Eurokinissi)
Riot policemen chase a protester during clashes at Athens' main Syntagma square,in central Athens, Wednesday, June 29, 2011.
Riot policemen chase a protester during clashes at Athens' main Syntagma square,in central Athens, Wednesday, June 29, 2011.   (Kostas Tsironis)
An elderly man watches the smoke of tear gas during clashes at the Athens' main Syntagma square, Wednesday, June 29, 2011.
An elderly man watches the smoke of tear gas during clashes at the Athens' main Syntagma square, Wednesday, June 29, 2011.   (Thanassis Stavrakis)
A protester walks in front of a burning vehicle at Syntagma square, central Athens, Wednesday, June 29, 2011.
A protester walks in front of a burning vehicle at Syntagma square, central Athens, Wednesday, June 29, 2011.   (AP Photo/Petros Giannakouris)
Riot police run to the protesters as they enter at Syntagma square during clashes in central Athens Wednesday, June 29, 2011.
Riot police run to the protesters as they enter at Syntagma square during clashes in central Athens Wednesday, June 29, 2011.   (AP Photo/Petros Karadjias)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
0%
5%
14%
76%
0%
5%
To report an error on this story, notify our editors.
COMMENTS
Showing 1 of 4 comments
TexasYankee
Jun 30, 2011 9:33 AM CDT
Trans-national banks stand to profit from Greek debt - the terms of these austerity loans are designed to ensure a painfully slow economic recovery that the banks can squeeze every penny from. They will try to privatize state assets without voter consent, to pay off the debt they manufactured with unreasonable interest rates, and so economically conquer Greece into their ownership. Greece is certainly not the first country to be exploited this way. Central America has been in several countries - and they are trying to do it to the US as well.

Copyright 2013 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

World • Money

 
European Union • Greece • bailout • financial crisis • Greece bailout • greece debt • austerity • austerity measures

 
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   BuzzFeed   |   Cracked   |   World History Project   |   POPSUGAR Tech   |   Business Insider   |   HuffPost Entertainment   |   NewsOne