Financial Times
December 14, 2010
Greece has embarked on a last-minute legislative dash to meet conditions set by the European Union and International Monetary Fund for disbursing the next two portions of the country’s bail-out loan.
Parliament approved a package of wage cuts for public and private sector workers on Tuesday night after a day of strikes and protests that shut down banks and public transport across Athens. The law was passed by 156 votes to 130 after more than six hours of noisy debate.
One deputy was expelled from the governing Socialist party after voting against the package, bringing to four the number of socialists opposed to the bail-out terms who are now sitting as independents.
The package was drafted amid fears that payment of a €6.5bn ($8.7bn) loan tranche, postponed by the European Commission from December to January for “technical” reasons, would again be delayed because of foot-dragging over reforms.
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