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Greek official urges OK to new debt deal

Says it will ward off default, drop in living standards

By Derek Gatopoulos and Elena Becatoros
Associated Press / November 16, 2011

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Greece’s finance minister urged lawmakers yesterday to ratify a new debt deal with “maximum possible speed’’ to avoid default and a collapse in living standards to levels seen half a century ago. Evangelos Venizelos said “sensitive talks’’ were under way to secure cross-party backing in Greece to the €130 billion agreement sealed in late October after months of hard bargaining among European nations.

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