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Greek Parliament Approves Controversial Property Tax

The Greek parliament has approved a controversial property tax that aims to plug a budget hole and help unlock bailout funds needed to prevent the country from defaulting.

The tax, which has sparked outrage as 70 percent of Greeks own their own homes, was approved by a party-line vote.

Greece, under pressure from its international creditors to plug a budget gap of more than $2.7 billion, earlier this month announced the tax of up to 16 euros per square meter.

To help ensure collection, the tax is to be collected by power companies on their bills to clients, with electricity to be shut off for those who refuse to pay.

compiled from agency reports