New Greek cabinet makes aid tranche top priority

November 11, 2011 20:10


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ATHENS - Greece's new cabinet has set as its first priority the need to secure an 8 billion euro ($11 billion)aid tranche to prevent it from running out of cash next month, Finance Minister Evangelos Venizelos said on Friday.

Venizelos said the cabinet, which was sworn in on Friday, had to re-affirm Athens' political commitments to its international lenders but that no new austerity measures would be required.

He added that the groupings that had joined his Socialist party in the governing coalition -- including the conservative opposition and the far-right LAOS party -- were ready to do what was necessary to receive the aid tranche in time.

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