Greek coalition agree spending cuts

Greek Prime Minister Antonis Samaras today talked the junior partners in his fragile coalition government into dropping objections to new spending cuts demanded by the debt-crippled country’s bailout creditors, averting a crisis that could have eventually forced the country to abandon the euro.

Without the €11.5 billion package of cuts for 2013 and 2014, Greece would lose access to the international loan programme which is protecting it from bankruptcy and would probably be forced out of the common European currency.