Greece Approves 2013 Austerity Budget

Posted November 11th, 2012 at 8:30 pm (UTC-5)
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Greek lawmakers have approved the country's 2013 budget, which cuts spending and raises taxes in a bid to prevent the country from going bankrupt.

Next year's austerity budget reportedly includes $12 billion in pension, wage and spending cuts. Its approval comes days after parliament narrowly voted to proceed with other austerity measures.

The lawmakers are responding to international lenders who have required the measures in order for them to release some $40 billion in aid to Greece. Without the international loans, the country could default on debt due to be paid later this month.

On Sunday, thousands of protesters gathered outside of the Greek parliament as lawmakers prepared to vote. More than 13,000 people marched through the streets of the capital, Athens, in demonstrations that ended at the city's main square.