19 Feb 2012

Greek cabinet approves final set of cuts

7:25 pm on 19 February 2012

Greece's cabinet has approved a final set of austerity measures sought by the EU and IMF.

The measures are a condition for a €130 billion rescue package which raises the chances of a deal next week to avert a default on its debt.

The approval was largely a formality after Athens last week unveiled details of the extra budget and public sector wage cuts worth €325 million to its Euro zone partners.

The cuts are part of a €3.3 billion package of austerity measures that have triggered riots in Athens.