November 7th, 2012
05:49 PM ET

Greek parliament OKs new austerity cuts

The Greek parliament early Thursday adopted a new round of austerity cuts, a victory for a government that says the move was required before getting the next installment of an international economic bailout.

The vote came as protesters violently demonstrated in Athens against the added measures.

The vote ensures the payout of the next international bailout installment of 31.5 billion euros, which the government desperately needs to stay in operation. Without the funds, it says, it will run out of money by mid-November.

But Greeks are furious about the effects of multiple rounds of belt-tightening, which have resulted in cuts to pensions and pay and seen unemployment in Greece's fifth year of recession soar to more than 25%. As many as 70,000 people took place in Wednesday's demonstration outside the Greek Parliament, coming on the second day of a general strike called by unions opposed to further cuts.

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