Greek Parliament approves austerity plan

Townhall.com Staff
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Posted: Jun 29, 2011 9:30 AM
Greek Parliament approves austerity plan
NEW YORK (CNNMoney) -- In a move that could pull Greece back from the brink of defaulting on its debt, the nation's Parliament voted Wednesday to implement another round of austerity measures.

The measure was approved with 155 votes in favor, out of a 300-person parliament. The plan would reduce the pay of Greek public workers, increase the attrition of public jobs and ramp up tax compliance, in exchange for the last tranche of a bailout from Greece's European neighbors.