Financial Times
June 10, 2011
George Papandreou has appealed to Greeks to back a new four-year austerity package in return for a second bail-out by the European Union and the International Monetary Fund, “so the country can get back on its feet once and for all.”
The Greek prime minister spoke during a noisy parliamentary session on Friday in which leftwing deputies accused him of being “a captive of the country’s creditors”.
“These measures will be painful but the consequences otherwise would be disastrous,” Mr Papandreou said after details of the package were presented to parliament.
Conditionality for Athens will become tougher following its poor performance to date, with implementation of reforms reaching a standstill in recent quarters, according to the troika – experts from the EU, IMF and European Central Bank monitoring the current bail-out.
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