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Old 10-16-2015, 05:51 PM   #1
bob_denard
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Default Alexis Tsipras puts austerity reform package before Greek Parliament

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Left-wing prime minister Alexis Tsipras today faces his first test in the Greek parliament since a bailout rebellion split his party and triggered a snap general election last month.

Politicians will vote on a new austerity reform package to penalise early retirement and expand a widely hated property tax, among other cost-cutting commitments made for a €2bn (£1.47 billion) loan instalment.

The loan is part of a third major bailout agreement with the eurozone lenders, worth €86bn (£63bn). That July deal saw Mr Tsipras abandon a pledge to end austerity and alienate a large section of his Syriza party, forcing him to the polls

for a second time in eight months.

Greece is now racing to overhaul its troubled pension system and impose a barrage of new cutbacks, struggling to keep pace with bailout targets as it seeks rescue funds for its banks. It also wants improved bailout repayment terms as

its massive national debt is set to exceed 190% of annual output next year.

The additional austerity measures are expected to keep the country in recession over the next two years and unemployment above 25%.

Alexis Tsipras puts austerity reform package before Greek Parliament | BreakingNews.ie
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