September 18, 2011
Europe's debt crisis has intensified after Greece's embattled government said the country's financial future would rest on a make-or-break conference call with EU and IMF officials on Monday.
Signalling that the 20-month saga had reached crunch point, Athens' finance minister prepared the austerity-weary nation for further belt-tightening, saying the time had come for "decisive" action to avoid a Greek default.
"There is great volatility in the markets," Evangelos Venizelos said after emerging from crisis cabinet talks. "If we want to avoid default, to stabilise the situation, to remain in the eurozone ... we must take big strategic decisions.
"Measures must be specified," he added, referring to reforms outlined in a contentious budget plan passed in July. "After tomorrow's talks with the troika [of representatives from the EU, ECB and IMF] we will spell out the measures."
With the threat of bankruptcy looming, Greece was told in no uncertain terms over the weekend that a critical ¤8bn rescue loan would not be released next month unless it proved that it had bitten the bullet with reforms.
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