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Markets still convinced Greece will ultimately default

The Greek government has won its austerity vote.

The bill promises an additional 28bn euros of spending cuts and tax rises over the next five years on top of a ramped up privatisation programme.

It clears the way for Athens to receive more aid from the EU and IMF.

But the narrow margin of victory and a considerable display of public anger mean there is still doubt over whether all the promised reforms will ever be implemented.

Nigel Cassidy reports.

  • 29 Jun 2011
  • From the section Europe
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