Greek cabinet approves draft austerity law: Official

The Greek cabinet approved on Thursday draft legislation spelling out the details of its five-year austerity plan, a condition to receive more EU-IMF funding, a Greek government official said.

"The cabinet approved the draft of the implementation law," a government official told reporters after a cabinet meeting. The implementation law for Greece's austerity plan will be submitted to parliament on Friday and must be voted on by the end of the month in order to meet the deadline for the disbursement of the next round of EU-IMF funding, another government official said.