Greek Cabinet Approves New Austerity Measures

Greece's Cabinet has approved a new round of austerity measures that are essential for the debt-ridden country to continue receiving funds from its international bailout.

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A senior Cabinet official who was at the meeting Thursday said George Papandreou told the Cabinet that "we have sought and we have found the fairest possible solution" in the new austerity cuts.

Papandreou had come under strong criticism from his own Socialist party deputies in recent days over the measures, which include tax hikes and spending cuts.

The measures must now be submitted to Parliament for a vote.

The senior official, who was reading from the text of Papandreou's remarks, spoke on condition his name not be used because the meeting had not been formally closed.