Greece is getting ready to implement a second round of budget cuts that could reduce spending by as much as 1.5 percentage points of GDP. The move is backed by EU officials and is seen as smoothing a path toward an EU bailout, if necessary. "I believe this time around the government will be successful in convincing the markets that it is committed to cutting the budget deficit to 8.7% of GDP," said Yiannis Stournaras, director-general of Greek think tank IOBE.

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