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Greece Finalizes $14 Billion in Cuts

Greece's finance minister Yannis Stournaras arrives for a meeting between Greek officials and the debt inspectors in Athens, July 26, 2012
A Greek finance official says the government has finalized a plan to cut $14 billion from its budget, in the next two years, to meet the demands of it lenders.

The leaders of Greece's ruling coalition must give final approval to the agreement.

Thursday's deal comes as Greek Finance Minister Yannis Stournaras meets with a team of auditors from the European Union, the International Monetary Fund and the European Central Bank to review the country's progress in meetings its austerity requirements.

Greek Prime Minister Antonis Samaras is also scheduled to hold talks with European Commission President Jose Manuel Barroso.

Samaris said earlier this week that Greece's recession-plagued economy can start to grow again by early 2014.

The economic reforms demanded of Greece in return for bailout funds remain unpopular and draw frequent protests.

Some information for this report was provided by AP, AFP and Reuters.