Breaking News Alert
The New York Times
Sunday, February 12, 2012 -- 6:27 PM EST
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Greek Parliament Approves Austerity Package
As hooded youths torched shops and battled police in the streets of Athens on Sunday, lawmakers approved a tough austerity package that is expected to help the country avoid default.
Parliament accepted the plan after Greece's so-called troika of foreign lenders — the European Commission, the European Central Bank and the International Monetary Fund — had demanded the measures in exchange for about $170 billion in bailout money. The troika had also made passage a condition for sealing a deal in which private creditors will take voluntary losses of up to 70 percent on Greek debt.
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