June 24, 2011
European Union leaders fended off an effort by Greece to water down an austerity and privatization package that is the price for new aid, and EU President Herman Van Rompuy said they were nearing approval on a new rescue program to take Athens until the end of 2014.
"Very important decisions have been taken," Greek Prime Minister George Papandreou said in a statement at the end of the first day of a two-day summit. "We have secured the support of our [EU] partners and this is not just a green light, it's a positive sign for the future of Greece."
EU leaders were confronted earlier in the week with an effort by Greek officials to soften the austerity plan, which would have left a €5.5 billion ($7.9 billion) shortfall.
But on Thursday, a negotiating team in Athens, comprising officials from the EU and the International Monetary Fund, secured an agreement covering the gap, according to a Greek official.
"We have a deal after the Greek government agreed to more spending cuts and some higher taxes," said the official.
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