Greece to ap­prove new aus­ter­ity cut

New Straits Times - - Business -

ATHENS: Greece’s par­lia­ment yes­ter­day was to ap­prove a new round of aus­ter­ity cuts, hop­ing to se­cure a pledge of debt re­lief by the coun­try’s cred­i­tors this month. Left­ist Prime Min­is­ter Alexis Tsipras has a slim ma­jor­ity in par­lia­ment suf­fi­cient to pass the bill. Over­all, the bill to be ap­proved en­tails €4.9 bil­lion (RM23.4 bil­lion) in cuts in 2018-2021. Tsipras grudg­ingly ac­cepted to leg­is­late an­other round of pen­sion cuts and lower tax breaks to un­lock the cash pay­ment ahead of loom­ing debt re­pay­ments in July.

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