Greece’s Parliament has approved the 2016 budget that includes deep spending cuts and tax hikes amid economic recession, AP reported. The budget passed early Sunday, 153-145, with 2 lawmakers absent in the 300-member parliament. The vote was strictly along partisan lines. The government forecasts zero economic growth this year and a contraction of 0.7% in 2016. Earlier, it had predicted declines of 2.3% and 1.3%, respectively. Despite spending cuts of around €2 billion ($2.18 billion) and a similar amount in tax hikes, debt is forecast to grow to €327.6 billion ($356 billion) or 187.8% of GDP from 180.2% in 2015.
