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EU Vows to Rescue Greece in Exchange for Deficit Reduction

Greece must pass austerity package totaling 78 billion euros.

By James G. Neuger, Jonathan Stearns, Bloomberg | Updated on June 24, 2011

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.

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