ATHENS, Greece — The Greek Cabinet on Thursday approved and submitted to Parliament a new round of painful austerity measures and a $73 billion privatization drive that are essential for the debt-ridden country to continue receiving funds from its international bailout. Greece is lagging behind with reforms promised in return for last year’s $160 billion package of rescue loans from its European partners and the International Monetary Fund. Fellow eurozone governments have warned that if the country does not enforce new austerity, it will be cut off from aid.

Without the next euro12 billion installment from its rescue loans due in July, Greece, which remains stuck in recession and locked out of international bond markets, will default on its massive debts.