29 Feb 2012

Greece approves more public spending cuts

9:20 pm on 29 February 2012

The Greek parliament has approved more cuts in public spending to meet the terms of a second European Union-led bailout deal for the beleaguered Greek economy.

The measures will reduce expenditure on health, education, pensions and defence.

Prime Minister Lucas Papademos is heading to Brussels to lobby for support ahead of a European Union summit.

Greece was given a list of specific conditions which had to be met before the end of February if a second financial bailout of €130 billion was to be approved by the rest of the eurozone, the BBC reports.

The deadline is midnight on Wednesday and most of the work has now been done.

But this is just the first step and there are further specific deadlines for action by the end of March, by the end of April, and so on.