Greece fails to agree on spending cuts
ALJAZEERA: …Adoption of the latest “austerity” package is necessary for the release of a long-delayed 31 billion euro ($39bn) rescue loan installment, without which Greece will reportedly be forced to default on its loans and may have to quit using the euro.
The new austerity measures are to be implemented across 2013 and 2014.
But with Greece now in the fifth year of a deep recession that has seen its economy shrink by about 20 per cent and the jobless rate soar to 24.4 per cent in June, people are wary of any new cuts… (more)
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