ATHENS, Greece: The Greek Cabinet on Thursday approved and submitted to Parliament a new round of painful austerity measures and a 50 billion (US$73 billion) privatization drive that are essential for the debt-ridden country to continue receiving funds from its international bailout.
Greece is lagging behind with reforms promised in return for last year's 110 billion ($160 billion) package of rescue loans from its European partners and the International Monetary Fund. Fellow eurozone governments have warned that if the country does not enforce new austerity, it will be cut off from aid.