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30 June 2011

EU relieved as Greece says 'yes' to austerity


European leaders breathed a collective sigh of relief as Greece's parliament gave its blessing to a €28 billion package of cuts to help the country out of its debt woes and guarantee support for a second EU/IMF bailout.

Support came pouring in on Wednesday (29 June) as Greece put increasing doubts over the country's stability and economic viability to bed. José Manuel Barroso, the European Commission president, and Herman van Rompuy, president of the European Council, both greeted the 'yes' vote as a show of national accountability. "The country has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform. But it has also taken a vital step back – from the very grave scenario of default. This was a vote of national responsibility", the two leaders said in a joint statement.

Clearing the way for a second bailout package: Barroso and Van Rompuy urged the Greek parliamentarians to approve the technical implementation of the programme as soon as possible to secure the delivery of the next tranche of joint EU/IMF aid and to rally support for a second bailout package totalling €120 billion.

Full article


© EURACTIV


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