European Central Bank President Mario Draghi says he's been told by GreekPrime Minister Lucas Papademos that a deal has been reached on new austerity measures that Eurozone finance ministers have been seeking from Greece before it gets a crucial $173 billion bailout, .
that "a spokeswoman for the prime minister's office says the agreement with the majority Socialists and the conservatives will allow alternative cuts to those rejected early Thursday during a meeting of the three coalition party leaders. She spoke on customary condition of anonymity."
One of the sticking points to an agreement had been a demand from creditors that Greece make nearly . It's not known just yet how Greek lawmakers resolved that issue.
Previous austerity measures in Greece over the past year .
Planet Money has previously explored " " and why the financial crisis there
Update at 12:50 p.m. ET. More Details.
From an Associated Press Q&A about what the Greek government has agreed to do:
"Q: What are the main points of the deal?
"A: Greece has agreed to a range of austerity measures designed to bring its deficit under control. They include a 22 percent cut in the monthly minimum wage to $780, layoffs for 15,000 of civil servants and an end to dozens of job guarantee provisions.
"Q: Why is this budget cutting so important?
"A: Without it, the country would not be eligible for a $170 billion bailout from other countries in Europe and the International Monetary Fund."
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