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Greece Set to Agree on Bailout as Germany Demands Action
February 12, 2012
Greek lawmakers looked set to agree to a deeply unpopular bailout deal on Sunday to avert what Prime Minister Lucas Papademos warned would be “economic chaos”, and Germany demanded Athens dramatically change its ways to stay in the euro.
The austerity bill sets out 3.3 billion euros ($4.35 billion) in wage, pension and job cuts as the price of a 130-billion-euro rescue package from the European Union and International Monetary Fund – Greece’s second since 2010.
Greece needs the funds before March 20 to meet debt repayments of 14.5 billion euros and the bill has stirred anger on the streets and turmoil within the coalition government.
Addressing the nation late on Saturday, Papademos warned that failure to back the bill would mean a disorderly default and “set the country on a disastrous adventure”.
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