February 13, 2012
Yet almost 40 legislators from the socialist and conservative parties, the two remaining partners in his national unity government, were absent or voted against the measures, indicating strong opposition to structural reforms and cuts in wages and pensions.
Before the vote Mr Papademos warned the €3.3bn package of cuts was “the only alternative to a catastrophic default . . . that would force Greece, sooner or later, to leave the euro”.
“The social cost of this package is limited in comparison with the social and economic disaster that would follow if it is not adopted,” he said.
The euro rose 0.5 per cent to $1.3237 in early European trading on Monday following the positive vote and European shares opened higher.
George Kaminis, Athens mayor, said 17 buildings in the city centre – including five bank branches – had been set ablaze by extremists after violence erupted at an anti-austerity protest outside parliament.
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