Greece Will Take Austerity Measures

Greek leaders finally agreed to a series of austerity measures, the first step toward securing a €130 billion bailout that Greece so desperately needs. A government official confirmed to News Channel that a deal has been reached. And at least two of the three parties that form the coalition government have agreed to it, according to the prime minister's office. Greece desperately needs new bailout funds to avoid defaulting on a €14.5 billion bond redemption in March. Officials from the European Union, International Monetary Fund and European Central Bank, collectively known as the troika, agreed to the last outstanding sticking point early Thursday, clearing the way for the deal to be presented at a meeting of the 17 eurozone finance ministers later in the day. The situation in Greece is dicey at best. The nation has been in recession for years and many analysts warn that additional austerity could make the situation worse.