Greek Leaders OK New Cuts

Will allow country to secure vital bailout
By Newser Editors and Wire Services
Posted Feb 9, 2012 7:49 AM CST
Greek Leaders OK New Cuts
Ripped EU and Greek flags flutter in Athens on February 9, 2012.   (Getty Images)

(Newser) – Greece says it has struck a deal with its bailout creditors on adopting harsh new austerity measures needed to avoid a disastrous bankruptcy. Prime Minister Lucas Papademos' office says negotiations with representatives of the EU, the European Central Bank, and the IMF have been successfully concluded. A statement from Papademos' office today said leaders of the parties in the coalition government have accepted the result of talks with the three organizations, collectively known as the troika.

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It says that there is "a general agreement on the content" of Greece's new financing program, worth $172 billion, without which the country would be forced to default on its bond payments next month. (Read more Greece stories.)

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