Greek Cabinet OK’s Austerity Plan

Louisa Gouliamaki, AFP / Getty Images

The Greek cabinet announced further austerity measures as it negotiates a €130 billion rescue with its euro-zone partners. While the new austerity package has been expected for several days, uncertainties about Greece’s ability to rein in its debt remain, and officials have cautioned that a final bailout deal in the coming week is anything but guaranteed. Negotiations have been tense, with tempers flaring last week as Greece’s president responded to perceived slights from German officials.