Greece, creditors come to austerity, budget deal: PM
October 31, 2012, 12:02 am TWN
ATHENS--Greece on Tuesday reached agreement with its international creditors on a new wave of austerity measures necessary to unlock new bailout loans, Prime Minister Antonis Samaras said.
"Today we concluded the negotiation on the measures and the budget," Samaras said in a statement, adding that approval by parliament of a new round of cuts will keep Greece in the 17-nation eurozone.
"If this deal is approved and the budget is voted, Greece will stay in the euro and exit the crisis," the prime minister said.
Samaras has warned that the country will run out of cash next month unless it can secure a 31.2-billion-euro (US$40 billion) loan installment from its EU-IMF financial assistance package, which depends on progress on stalled reforms.
"If the deal does not pass ... the country will be led to chaos," he said.