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Feb. 8, 2012, 3:38 p.m. EST

Greece to cut minimum wage in troika deal: report

SAN FRANCISCO (MarketWatch) -- Greece promised to reduce the minimum wage by 20% and lower pension payments as part of a deal with the International Monetary Fund and the European Union to secure much needed funds, Bloomberg News reported Wednesday. The IMF and the E.U., along with the European Central Bank, make up the troika of lenders that had been demanding additional austerity measures from Greece before disbursing additional aid. The details on pensions and minimum wage were outlined in a 43-page draft agreement that will be signed by Greek Prime Minister Lucas Papademos, Finance Minister Evangelos Venizelos and Bank of Greece Governor George Provopoulos later, the news agency said.

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