Bloomberg
February 11, 2012
George Papandreou and Antonis Samaras, leaders of Greece’s two largest parliamentary parties, demanded support and discipline from lawmakers to back budget cuts to secure international aid and prevent a collapse.
The interim government of Prime Minister Lucas Papademos yesterday approved deeper budget cuts needed to gain a second package of aid, preparing the way for a parliamentary vote in Athens tomorrow. The measures equal about 7 percent of gross domestic product over three years and include a debt swap that would shave 100 billion euros ($132 billion) off more than 200 billion euros of privately-held debt.
“We have to sacrifice a lot so as not to sacrifice everything,” Papandreou, leader of the Socialist Pasok party, told lawmakers in Athens. “We must speak honestly and tell Greeks what bankruptcy really means. It means chaos.”
Police in Athens scuffled with protesters yesterday as unions started a 48-hour strike against the austerity measures demanded by the so-called troika of international creditors monitoring Greece’s progress. The Cabinet backing capped a week of tension as European Union and International Monetary Fund officials argued with Greek officials over the conditions to secure the 130 billion-euro ($172 billion) rescue package.
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