Minister: Greek leaders reach deal on austerity cuts

August 1, 2012 19:44

ATHENS - Greek political leaders have reached agreement on 11.5 billion euros of austerity cuts demanded by the country's lenders, Greek officials said on Wednesday.

"The prime minister's proposal was accepted by political leaders," Finance Minister Yannis Stournaras told reporters after a nearly three-hour meeting.

Greek Socialist leader Evangelos Venizelos said Greece must demand more time to hit targets under its bailout package, but that he was setting aside his request for now in the interest of the country.

Greek party leaders had been struggling to find agreement on the cuts for weeks, with Venizelos insisting on spreading the cuts out over four years instead of over 2013 and 2014 as required under the terms of the country's bailout.

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