Greece last weekend complied with the far-reaching demands of the lenders to impose more austerity measures on top of earlier ones. Parliament approved the spending cuts, even as Greek workers staged violent protests in the streets of Athens in protest of the international demands.
The austerity measures have imposed hardship on many Greeks as the country has cut social spending, trimmed the country’s minimum wage and agreed to eliminate thousands of government jobs.
The government says it needs the bailout to avoid defaulting next month on $19 billion in financial obligations. As part of its rescue, Greece is also completing negotiations with large financial institutions to cut in half the debt it owes them, a $132-billion reduction.