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European Finance Chiefs Approve $172 Billion Greek Bailout

HeadlineFeb 21, 2012

European finance ministers have agreed to a new $172 billion bailout for Greece that will force Athens to commit to making another round of deep austerity cuts. As part of the deal, Greek workers are expected to suffer further wage cuts larger than the 15 percent already planned for the next three years. Under the agreement, Greece’s private creditors have agreed to take deeper losses on their Greek debts. The bailout is being opposed by several left-wing groups in Greece. The KKE communist party called on people across Europe to join Greeks in their battle against “monopolies and profits.”

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