Greece strikes painful deal to avoid default

More than two years after it came clean about its addiction to debt, Greece may finally have begun its long and painful road to recovery.

Greece’s fractious political leaders struck a deal Thursday to make deep cuts in government jobs and spending to help save the country from a default that could shock the world financial system.

The deal, under negotiation since July, is one of two critical steps Greece must take to receive a euro130 billion ($170 billion) bailout from other countries in Europe and around the globe.

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