News Summary: Greek lawmakers pass austerity bill

AP News
Posted: Nov 07, 2012 8:37 PM

NEW AUSTERITY: Early Thursday, Greek lawmakers passed new austerity measures that are needed to avoid financial disaster. The vote came hours after hundreds of protesters clashed with Greek riot police and more than 80,000 demonstrated outside Parliament.

VITAL BELT-TIGHTENING: The cutbacks, worth €13.5 billion ($17 billion) over the next two years, are essential for Greece to continue receiving vital bailout funds from its international creditors and avoid bankruptcy.

COUNTDOWN BEGINS: Greece's next bailout loan installment of €31.5 billion, out of a total of €240 billion, is already five months overdue. Without it, Greece will run out of money on Nov. 16, its prime minister says.