Greece approves law to secure new bailout tranche

Greece’s parliament passed a law on Thursday to place civil servants in a labor mobility plan demanded by the country’s international lenders as a condition for releasing the next bailout installment. Lawmakers passed the bill, seen as a last condition of a total of 22 requirements Greece had to complete to receive 2.5 billion euros (3.3 billion dollars), according to German press agency dpa. The bill will place 4,200 public sector employees in a so-called mobility reserve programme that subjects them to involuntary transfers, and possible dismissals, within the public sector. Greece has also promised to cut an additional 15,000 jobs by the end of next year in an effort to cut its budget. Nearly three years of harsh austerity measures, including pension and pay cuts as well as tax hikes, have dragged down the economy which is now in its sixth year of recession.