Greece Set To Agree On Bailout As Germany Demands Action

February 12, 2012 by staff 

Greece Set To Agree On Bailout As Germany Demands Action, Greek lawmakers looked set to endorse a new and deeply unpopular austerity deal on Sunday to secure a multi-billion-euro bailout and avert what Prime Minister Lucas Papademos warned would be “economic chaos”.

After days of dire warnings and threats of rebellion, parliament began debating the bill setting 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.

But the bill has caused turmoil within the ruling coalition and deepened a social crisis among Greeks already hit by a round of cuts and tax hikes to ease the country’s huge debt burden.

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