Greek parliament passes fresh cuts to unlock IMF and EU cash

City A.M. Reporter
GREEK politicians have passed a law to cut 15,000 civil servants, as required as part of its international bailout.

The Eurozone nation won strong backing from all three coalition parties for the bill, which unlocks a further €8.8bn (£2.34bn) in rescue loans from the European Union and the International Monetary Fund.

The law implements an agreement Athens struck with EU and IMF inspectors earlier this month, which allowed them to state that the country was on track to meet its bailout targets.

The legislation makes it easier to fire government employees for disciplinary reasons, extends an unpopular property tax and opens up professions such as accountants and bakers.

Athens has already obtained about €200bn of rescue loans since mid-2010.

Meanwhile Greece’s largest lender National Bank yesterday won approval from investors to boost its capital with a €9.75bn (£8.24bn) share offering, aiming to secure enough support from its shareholders to break out of state control.