European Debt Crisis

Greek government submits new austerity bill to Parliament

Greece's left-led government submitted to Parliament late Wednesday a new package of creditor-demanded tax hikes and reforms worth 1.8 billion euros ($2 billion), which it hopes to have approved by lawmakers in time for a meeting of European officials next week.

The country's reform program is under close scrutiny by its creditors — other European countries and the International Monetary Fund — and approval of the draft law could ease the release of a substantial slice of rescue loans, allowing Greece to pay off bonds due in July.

The proposed measures include raising the main rate of consumer tax by one percentage point to 24 percent and increasing taxes on...