Reuters
September 26, 2011
The Greek government began a race for parliamentary approval of a stepped-up austerity package vital to keep the debt-laden euro zone state afloat and buy time for Europe to approve new rescue measures.
As Finance Minister Evangelos Venizelos flew home on Monday from talks at the International Monetary Fund in Washington, a newspaper said 85 percent of private sector bondholders had agreed to participate in a voluntary bond swap to restructure Greece's debt -- close to the government's 90 percent target.
Greek officials said the IMF was seeking written commitments on its latest austerity promises before sending inspectors back probably this week to conclude a review of compliance with a 110-billion-euro bailout programme. Greece has repeatedly missed its deficit reduction targets.
IMF and EU approval is essential to release an 8-billion-euro (£7 billion) emergency loan that, without which, public salaries, pensions and other bills will go unpaid in October.
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