Greece, IMF & EU agree to 5 year austerity plan

From WSJ.com:

BRUSSELS—Greece has agreed to a five-year austerity package with the European Union and the International Monetary Fund that could clear the way for a new bailout loan if Greece's Parliament approves the measures, an official said late Thursday.

"We have a deal after the Greek government agreed to more spending cuts and some higher taxes," the official, who had direct knowledge of the talks, told Dow Jones Newswires.

The official said the deal was reached after Greek Finance Minister Evangelos Venizelos agreed to lower the minimum taxable income for Greek taxpayers to €8,000 ($11,500) from €12,000 previously.

The deal also depended on Greek agreement on a special crisis levy on all taxpayers, ranging between 1% and 5%, depending on income.....read on