Greece approves reforms for debt relief

Greek lawmakers have approved tax increases, a new privatisation fund, and freed up the sale of non-performing loans in exchange for the much-needed bailout loans and debt relief. Prime Minister Alexis Tsipras addressed lawmakers in the parliament before the vote. He said, "Greeks have already paid a lot, but this is probably the first time that the possibility of these sacrifices being the last is so evident." The new taxes will hit the country below the belt with increases in value added tax by one point to 24 per cent, more tax on fuel, tobacco, internet usage and an extension of a property tax.