Monday, May. 21, 2012 |
Greek cabinet tackles austerity, rescue hopes rise
Page last updated at 04:19 GMT, Saturday, February 18, 2012 - 09:19 EST
Reuters:
Merkel, Monti, Papademos optimistic about Greek accord
Greece's cabinet tackled on Saturday how to implement austerity demanded by the EU and IMF as a 130-billion-euro ($171-billion)rescue seemed within reach, while the euro zone considered modifying a deal with private creditors to help Athens reduce its huge debts.
After months of often acrimonious negotiations, Greek hopes were rising that euro zone finance ministers on Monday will endorse the rescue which Athens needs to avoid bankruptcy next month when major debt repayments fall due.
A statement from the office of Prime Minister Lucas Papademos said the cabinet would discuss implementing the bailout package which demands pay, pension and job cuts on top measures that have already hit many Greeks' living standards.
The cabinet is due to approve measures that already provoked rioting on the streets of Athens last Sunday before they go into a supplementary budget due to be put to parliament next week.
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Merkel 'suggests Greek referendum on euro membership'
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Merkel 'suggests Greek referendum on euro membership'
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Merkel 'suggests Greek referendum on euro membership'
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