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July 1, 2011 8:10 am

Greece Implements Austerity Measures

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LA Times – Greece’s Parliament on Thursday passed crucial legislation implementing unpopular austerity measures demanded by international creditors to unbolt rescue funds and ease fears of Europe’s first sovereign default.

The legislation, enabling swift implementation of $40 billion in budget cuts, plus a $72-billion sell-off of state assets, was backed by 155 lawmakers of the 300-member Parliament. Five abstained, four were absent and 136 lawmakers, mainly opposition conservatives, voted against the bill, the second and final piece of austerity legislation put to the test this week.

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