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Will austerity save Greece from bankruptcy?

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Greece's International creditors, the European Union, the European Central Bank and the International Monetary Fund, have added further pressure on its government to restructure its economy. A spokesperson for the European Commission says the latest Greek austerity plan, narrowly approved by parliament on Wednesday, only clears the way for further talks to save the country from bankruptcy. Greek economist Harris Dellas says Greece has to either reform its economy or face bankruptcy.

Greece's government secured enough votes in parliament on Thursday to pass deeply unpopular austerity measures essential to unlocking further aid from foreign lenders.
Greece's government secured enough votes in parliament on Thursday to pass deeply unpopular austerity measures essential to unlocking further aid from foreign lenders. Reuters/Yorgos Karahalis
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