Monday, June 20, 2011

Bailout Expected But Greece Required to Cut Spending, Sell Assets

While latest discussions have not yet resulted in an agreement to provide Greece with a bailout to avoid default, it is expected that the Eurozone finance ministers will ultimately agree to terms. However, Greece will be forced to agree to further cut spending and to sell state property in exchange for the emergency funding.

Protests have increased in intensity in the days leading up to the meetings that forced the government to shuffle the cabinet. The government also faced a confidence vote Tuesday that could see the government toppled.

Source: Canadian Press

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