Bailout Deal Formally Approved By Greek Cabinet

March 14th, 2012 by James

On Wednesday, the cabinet of Greece unanimously approved the terms of its international bailout. This was a few hours after euro zone countries formally approved the 130 billion euro ($169 billion) financial package that was required by Greece to stay afloat.

Bailout Deal Formally Approved By Greek Cabinet

The deal will now be sent to the Parliament that is expected to vote on it by the end of the month.

“A lot remains to be done,” Prime Minister Lucas Papademos told the cabinet, according to a statement. “The cabinet and parliament must undertake a great effort to complete this legislation in the coming weeks,” he said. Papademos has said he would step down once the legislation is completed.

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