Greek Cabinet OK’s Austerity Plan

    Ripped EU and Greek flags flutter in Athens on February 9, 2012.   The debt rescue for Greece hits an 11th-hour hurdle on pension cuts, with eurozone ministers poised to meet on a package to avert default and Greek unions calling another general strike to fight the terms. AFP PHOTO/ LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)

    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.

    Read it at Reuters