June 6, 2011
With protests dividing his own party and tens of thousands taking to the streets, Greece's prime minister, George Papandreou, attempted on Monday to whip up support for a new wave of austerity.
As Athens sold a 10% stake in OTE, the state-owned Hellenic Organisation of Telecommunications, to Deutsche Telekom – launching one of Europe's biggest privatisation programmes ever – the socialist leader faced what could be his most critical week in office.
Gathering his cabinet on the eve of a crucial meeting of his increasingly fractious parliamentary group, he outlined the formula – a mid-term fiscal plan of state sell-offs, revenue increases and further belt-tightening – he believes will save Greece from insolvency.
Either they backed the programme or the country "sank" in a €340bn (£303bn) debt projected to hit 160% of GDP next year, he said.
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