EagleTribune.com, North Andover, MA

World/National News

November 11, 2012

Greece passes austerity budget

ATHENS, Greece (AP) — Greek lawmakers approved the country’s 2013 austerity budget early today, an essential step in Greece’s efforts to persuade its international creditors to unblock a vital rescue loan installment without which the country will go bankrupt.

The budget passed by a 167-128 vote in the 300-member Parliament. It came days after a separate bill of deep spending cuts and tax hikes for the next two years squeaked through with a narrow majority following severe disagreements among the three parties in the governing coalition.

Prime Minister Antonis Samaras pledged that the spending cuts will be the last Greeks have to endure.

“Just four days ago, we voted the most sweeping reforms ever in Greece,” he said. “The sacrifices (in the earlier bill and the budget) will be the last. Provided, of course, we implement all we have legislated. “

“Greece has done what it was asked to do and now is the time for the creditors to make good on their commitments,” he stressed.

Athens says that with the passage of the two bills, the next loan installment, worth about $40 billion, should be disbursed. Without it, the government has said it will run out of cash on Friday, when $6.35 billion worth of treasury bills mature.

Finance ministers from the 17-nation eurozone are meeting in Brussels later today, with Greece high on the agenda. However, German Finance Minister Wolfgang Schaeuble has indicated it is unlikely that the ministers will decide on the disbursement at that meeting.

“We all ... want to help Greece, but we won’t be put under pressure,” Schaeuble told the weekly newspaper Welt am Sonntag.

Schaeuble said the so-called troika of debt inspectors likely won’t deliver their report on Greece’s reform program by today. The creditors also want to see what the debt inspectors have to say about Greece’s debt sustainability.

Text Only | Photo Reprints
Latest News
World/National News

Latest U.S. News
Boston Bombing Survivors One Year Later Sister of Slain MIT Officer Reflects on Bombing Raw: Blast at Tennessee Ammunition Plant Kills 1 Raw: Urinator Causes Portland to Flush Reservoir Hoax Bomb Raises Anxiety in Boston New York Auto Show Highlights Latest in Car Tech Ex-California City Leader Gets 12 Year Sentence Obama, Biden Announce $600M for Job Grants Miley Cyrus Still in Hospital, Cancels 2nd Show New York Auto Show Highlights Latest in Car Tech Disbanding Muslim Surveillance Draws Praise Passengers Abuzz After Plane Hits Swarm of Bees Boston Bomb Scare Defendant Appears in Court Boston Officials: No Bags at Marathon Town, Victims Remember Texas Blast Freeze Leaves Florida Panhandle With Dead Trees At Boston Marathon, a Chance to Finally Finish Are School Dress Codes Too Strict? Suspicious Bags Found Near Marathon Finish Line Boston Marks the 1st Anniversary of Bombing
Latest World News
Raw: Pro-Russian Militants Killed on Base Captain of Sunken South Korean Ferry Apologizes Today in History for April 17th Egypt Clamps Down on Mosques to Control Message After Fukushima, Japan Eyes Solar Power Pope's Relic on Wheels Departs to Rome Raw: Three Rare White Tiger Cubs Debut at Zoo Hundreds Missing After South Korean Ferry Sinks Pistorius Trial: Adjourned Until May 5 Combat Vehicles in East Ukraine Fly Russian Flag Raw: Ferry Sinks Off South Korean Coast Raw: Fatal Ferry Boat Accident Today in History for April 16th India's Transgenders Celebrate Historic Ruling Ukraine: Military Recaptures Eastern Airport Pistorius Cries During Final Cross-Examination Today in History for April 15th Raw: Horse Jumping Inspires 'Bunny Hop' Prosecutor Presses Pistorius at Murder Trial Police: Blast in Nigerian Capital Kills 71
Photos of the Week