Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared
By Newser Editors and Wire Services
Posted Jun 30, 2011 9:25 AM CDT
Greece Passes 2nd Austerity Bill
Greek Prime Minister George Papandreou, first left seated, applauds with his party parliament members, after they vote the new austerity measures in the Greek Parliament in Athens June 29, 2011.   (Eurokinissi)

Greece has bought itself some time to deal with its crippling debt crisis after lawmakers cleared the final hurdle for crucial bailout funds to be released, which will prevent the country from defaulting next month. The EU and IMF had demanded Parliament pass two bills—an austerity law and a second bill detailing how it will be implemented—before they approve a $17.3 billion installment from the country's $159 billion package of rescue loans. Parliament passed the second law by majority vote today.

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