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European Debt Crisis: Papademos and Venizelos pull it off before Elections

The Greek Parliament approved over $4 bln in austerity cuts including pay cuts, pensions and job cuts within the first year itself, cutting deepar into GDP contraction raising fears over when the Greek budget will be balanced irrespective of projections approved with the EU. the European Foreign minsters will now approve the EUR 130 bln package for Greece, who is waiting to pay off its frst remaining loans on March 20.

The deal includes  a EUR 100 bln writedown negotiated with private creditors also approved by the Parliament. That makes it a total of EUR  340 bln in bailout Dollars for Greece since 2010, about twice the state’s GDP (EUR220 bln)

Greek electionsare due in April even as over 50,000 supporters looted and burned commercial buildings including a bank and a movie theater

 

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One comment on “European Debt Crisis: Papademos and Venizelos pull it off before Elections

  1. Pingback: European Debt Call: Greece votes on Austerity measures | Insight Europe | The Banking and Strategy Initiative

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This entry was posted on February 12, 2012 by in Financial Markets and tagged , , , , , , , .

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