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Greek Parliament Approves Unpopular Property Tax

• www.cnbc.com
Greek lawmakers approved an unpopular property tax law on Tuesday that is crucial to a new austerity campaign the government has proposed so it can meet the terms of its international bailout and continue receiving aid funds.

All 154 of the ruling Socialist PASOK party's deputies voted in favor of the measure, winning a majority in the 300-seat parliament.

The vote is the first test of the government's capacity to win backing for a new wave of belt-tightening measures announced last week to convince the International Monetary Fund [cnbc explains] and European Union that Greece is worthy of an 8-billion euro ($11 billion) loan that Athens needs to avoid bankruptcy next month.

 

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