February 12th, 2012
05:55 AM ET

Greece Parliament to vote on austerity measures

The parliament in Greece is expected to vote Sunday on austerity measures demanded in return for a new eurozone bailout of the debt-stricken country.

In a speech Saturday evening, Prime Minister Lucas Papademos urged the Cabinet to approve the deal, warning of "social explosion, chaos" if it fails.

"The state will not be able to pay salaries and pensions or import basic goods" such as medicine and fuel, he warned, adding that "unemployment, which is currently unacceptably high, would increase even higher."

Ultimately, Papademos said, if parliament rejects the deal, Greece - already in the midst of a prolonged recession - would be "bankrupted and out of the eurozone."

Parliamentary approval would pave the way for the eurozone finance ministers to sign off on the new €130 billion ($172.6 billion) bailout deal.

Greece needs the funds in order to meet €14.5 billion in debt repayments due next month.

FULL STORY
Post by:
Filed under: Greece • World
soundoff (110 Responses)
  1. Conspiracy theorists find...

    ...for every website there is confirming one's theories, there's another one that debunks it.
    The Net is great that way.

    February 13, 2012 at 8:54 am | Report abuse | Reply
1 2 3 4 5 6 7

Post a comment


 

CNN welcomes a lively and courteous discussion as long as you follow the Rules of Conduct set forth in our Terms of Service. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Service.