MORE CUTS: Greece’s coalition government reached a “basic agreement” Thursday on a new round of harsh austerity cuts demanded by its international lenders.
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THE BACKGROUND: The measures had to be agreed or Greece would have been cut off from vital bailout loans that it needs to pay its way and keep it in the 17-country group that uses the euro.
THE OUTLOOK: Finance Minister Yiannis Stournaras said the long-delayed agreement placed him in a stronger negotiating position ahead of talks Monday with representatives of the country’s bailout creditors, who will have the final word on the cutbacks. Greece has relied on international bailouts since May 2010.
