Financial Times
June 24, 2011
Greece may have jumped the latest hurdle in its attempts to avoid default by agreeing to extra spending cuts and tax rises to help plug a hole in its €28bn austerity programme, but there is no let-up in the pressure on George Papandreou, Greece’s socialist prime minister, as he seeks to secure a second international bail-out.
June 26: Fresh protests are expected in Athens against the government’s plans for cuts and privatisations.
Eurozone governments are expected to continue their talks with banks and insurers about involving private sector bondholders in a Greek bail-out. EU leaders agreed on Friday to seek “informal and voluntary rollovers of existing Greek debt at maturity”. But how to organise this without rating agencies moving Greece to default status is still unclear.
June 27: The Greek parliament begins its debate on legislating implementing the austerity programme, coinciding with a planned general strike and further protests.
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