Wall Street Journal
December 25, 2010

ATHENS — The Greek Parliament early Thursday approved the Socialist government’s 2010 austerity budget, which aims to slash Greece’s fiscal deficit through a mixture of spending cuts and higher taxes.

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Parliament passed the measure along party lines, with the Socialist 160-seat majority voting in favor and Greece’s four opposition parties voting 139 against, with one lawmaker absent.

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The vote comes amid pressure from the financial markets and other European Union countries for Greece to fix its public finances, and just days after the country was slapped with its third ratings downgrade in a month.

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