Greece Bailout, Eurozone | featured news

Latest austerity cuts approved as 100,000 take to the streets in protest; 93 buildings damaged in Athens.

Greece's Cabinet approved austerity measures demanded in return for a new eurozone bailout of the debt-stricken country Saturday, a day ahead of a crucial vote in Parliament.

Greece must surrender control of its budget policy to outside institutions if it cannot implement reforms attached to euro zone rescue measures, the German economy minister was quoted as saying on Sunday.

European Central Bank policymaker Athanasios Orphanides called for euro zone leaders to abandon plans to make private sector investors help reduce Greece's debts, but his push showed no sign of gaining any traction in Europe's capitals on Friday.

The $147 billion, three-year bailout offered to Greece by euro-zone countries and the IMF won't be enough to cover Greece's costs, an examination of Greek financial figures shows.

Euro-zone finance ministers unanimously approved a detailed emergency aid mechanism for Greece but stressed that the country had not yet requested a bailout.