Greek parliament approves revised budget

Monday 12 November 2012 11.20
Greek Prime Minister Antonis Samaras hopes the new bailout instalment can be released soon
Greek Prime Minister Antonis Samaras hopes the new bailout instalment can be released soon

Greece's ruling coalition secured enough votes in parliament tonight to approve the 2013 budget law.

It is a crucial requirement in order for the country to revive its stalled international bailout programme and avoid insolvency.

Deputies allied to the three-party government approved the budget with a comfortable majority.

It followed a much narrower margin in a vote last week for a package of austerity and labour reforms also required for Greece to receive more aid.

Last Wednesday, a slender three-MP majority ensured that the €13bn in tax hikes and spending cuts became law.

While eurozone finance ministers will gather in Brussels tomorrow to consider the Greek situation, influential German Finance Minister Wolfgang Schaeuble has said a decision on releasing the funds is unlikely.

Keywords: wolfgang schaeuble

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