Majority of Greek lawmakers back austerity plan (by William L. Watts)
FRANKFURT (MarketWatch) -- A majority of Greek lawmakers have voted in favor of a 78 billion euro package of additional austerity measures and asset sales. News reports said more than 150 lawmakers in the 300-seat chamber backed the plan as voting continued. The package has been deemed a prerequisite for the release of a 12 billion euro installment of aid from the European Union and International Monetary Fund seen as necessary to avoid a default. A further vote on legislation implementing the measures is scheduled for Thursday. If ultimately approved, it would clear the way for euro-zone finance ministers to agree to release the aid tranche at a July 3 meeting.