Cabinet backs austerity measures

ATHENS - Greece's cabinet on Saturday approved a final set of austerity measures sought by the EU and IMF as a condition for a 130-billion euro ($171 billion) rescue package, raising the chances of a deal to avert a chaotic default on its debt.

The approval was largely a formality after Athens last week unveiled details of the extra budget and public sector wage cuts worth 325 million euros to eurozone partners.

Lingering doubts over whether Greece can bring its mountain of debt down to more manageable levels in coming years could still hold up the rescue package. Some officials in the 17-nation currency union warn chances of a deal at a eurozone meeting on Monday are little higher than 50-50.