'Greece’s cabinet has approved a draft bill which outlines reforms demanded by the IMF-EU troika for a new bailout package worth 130 billion euros to help the country avoid bankruptcy.

“There was unanimous approval,” Greek Prime Minister Lucas Papademos announced early on Saturday morning.

The demands required by the troika of the European Union, the European Central Bank, and the International Monetary Fund included a 20-percent reduction in the minimum wage, the layoff of 15,000 public sector workers, and a 15-percent cut in supplementary pensions.'

Read more: Greek Cabinet Approves Bailout Deal