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Greek cabinet bets on Monday rescue package

Greek cabinet bets on Monday rescue package
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Greece’s cabinet unanimously approved a final set of austerity measures on Saturday demanded by the EU and IMF.

The additional cuts are part of a 3.3 billion euro package that should improve the chances that eurozone finance ministers will approve a 130 billion euro rescue package for Greece on Monday.

Athens needs the injection of cash to avoid bankruptcy next month.

“There was an agreement on all important issues,” said Anna Diamantopoulou, Greece’s Education Minister.

“So I believe the Finance Minister will be full of good news at the euro group (meeting),” she added.

On Saturday evening, hundreds of students protested in front of the Greek parliament as the cabinet approved the additional cuts.

Greek ministers also agreed to launch a debt swap in March that will see private creditors take a 70 percent cut in the value of their investments.