Greek Austerity Package, Bailout | featured news

Greece has successfully pushed through a deal to lower its debt burden and avoid defaulting on its outstanding bonds in the near future.

Greece's cabinet agreed on Saturday to launch a debt swap for private creditors on March 8 with the aim of completing it by March 11, a government official said.

Shock was a common sentiment in the heart of Athens this week. Athinas Street, the colorful shopping mile in the Greek capital, is known for its lively fish and meat markets, where spice salesmen mix with traditional shoemakers and sidewalks are packed with commodities for sale.

Greece's Cabinet approved austerity measures demanded in return for a new eurozone bailout of the debt-stricken country Saturday, a day ahead of a crucial vote in Parliament.

After days of talks, Greek political leaders reached a deal Thursday to support a package of harsh austerity measures demanded by Greece’s financial backers in return for a bailout.

Under the plan, French banks would give Athens more time to pay back loans as they come due over the next three years.

Prime Minister George Papandreou has vowed to stay on and fight to pull his country out of a crippling debt crisis, facing down a revolt in his Socialist party over new but widely unpopular austerity measures....