European Union leaders pledged to stabilize the euro-area economy, vowing to stave off a Greek default as long as Prime Minister George Papandreou pushes through a package of budget cuts next week.
“This is not only a green light but also a positive sign for the future of Greece,” Papandreou told reporters after the first session of an EU summit in Brussels late yesterday.
Greece's next hurdle is to shepherd 78 billion euros ($111 billion) of austerity measures through parliament, after yesterday's endorsement of the program by experts from the European Commission, European Central Bank and International Monetary Fund.
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