Greece to adopt new austerity measures

The prospect of a second bailout for debt-stricken Greece assuaged market fears of default on Friday as the country’s prime minister flew to Luxembourg to present plans for deeper austerity measures.

Greek Prime Minister George Papandreou will outline a medium-term budget plan for deeper spending cuts, increased revenue and a faster sell-off of state assets to Jean-Claude Juncker, chairman of finance ministers of the 17-nation single currency.

Also on Friday, inspectors from the European Commission, the European Central Bank and the International Monetary Fund — known as the Troika — will issue their verdict on Greece’s troubled implementation of the bailout plan agreed last year.

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