Greek Leaders Agree on Austerity Cuts

ATHENS, Greece (TheStreet) -- The three parties backing Greece's coalition government reached a deal with international creditors on a financing program.

Greek Prime Minister Lucas Papademos said talks with representatives of the European Union, the European Central Bank and the International Monetary Fund - known as the troika -- have been successfully concluded, according to The Associated Press.

"Political party chiefs have agreed with the result of these talks," Papademos's office said in a statement. "There is a general agreement on the contents of the new program ahead of this evening's Eurogroup."

The austerity measures, such as steep spending cuts, agreed to by Greek leaders should prevent the debt-laden country from defaulting on its debt next month. The EU and IMF sought the cuts in exchange for providing Greece with the additional €130 billion $170 billion).

-- Written by Joseph Woelfel

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