Greek Parliament Votes in Favor of Austerity Plan, Staving Off Risk of Default
Greece’s Parliament on Wednesday voted in favor of an austerity plan demanded by the country’s foreign lenders before they would provide it with a financial rescue package and avert a debt crisis that could have shaken its European neighbors and economies throughout the world.
The austerity steps, which include wage cuts, tax increases and privatizations in a recession-starved country, were required to unlock the next installment of aid that the country needs to avoid default on its debts.
Greece’s Parliament on Wednesday voted in favor of an austerity plan demanded by the country’s foreign lenders before they would provide it with a financial rescue package and avert a debt crisis that could have shaken its European neighbors and economies throughout the world.
The austerity steps, which include wage cuts, tax increases and privatizations in a recession-starved country, were required to unlock the next installment of aid that the country needs to avoid default on its debts.
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