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Greek cabinet formally approves bailout agreement
March 14, 2012 / 4:07 PM / 6 years ago

Greek cabinet formally approves bailout agreement

ATHENS, March 14 (Reuters) - Greece’s cabinet on Wednesday unanimously approved the debt-laden country’s bailout deal, hours after euro zone countries also formally approved the 130 billion euro financing package.

The deal to keep Athens funded until 2014 will now be sent for approval to the Greek parliament, which is expected to vote on it by the end of the month.

The bailout ends months of uncertainty for debt-stricken Greece, which secured the package only after agreeing to a series of painful austerity measures and a successful debt swap that imposed losses of as much as 74 percent on bondholders.

The Greek cabinet on Wednesday approved terms tied to the bailout funds that it is set to receive from the European Union. The International Monetary Fund is expected to approve its share of the bailout, set at 28 billion euros, later this month.

Greece’s cabinet under technocrat Prime Minister Lucas Papademos also approved a fiscal pact agreed by EU leaders earlier this month. It is not clear yet whether parliament will also have to ratify the deal..

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