News / Europe

Greece Reaches Agreement with EU, IMF on Aid Package

Greek PM Papandreou says package necessary for Greece to avoid bankruptcy, country must be willing to make major sacrifices

The Greek prime minister says his government has reached agreement with the European Union and the International Monetary Fund (IMF) on a multi-billion-dollar financial bailout package.

George Papandreou said Sunday the package is necessary for Greece to avoid bankruptcy, and the country must be willing to make major sacrifices.

Details of the package, said to be worth $160 billion, are to be announced later Sunday.

Under the plan, the other 15 EU countries and the IMF will extend loans to Greece.  Germany will be the largest contributor, but it has been reluctant to release funds without Athens taking further austerity measures.

German Economy Minister Rainer Bruederle said Sunday the German government will closely examine the bailout agreement before deciding on Germany's contribution.  Bruederle said in a statement that he expects Greece to act quickly to enact the reform measures it has agreed to implement.  

The head of the European Commission, Jose Manuel Barroso, expressed support Sunday for the aid package for Greece.  Barroso said the package will be "decisive" in getting Greece's economy back on track, and will keep the crisis from further threatening the financial health of other EU nations.

On Saturday, thousands of protesters rallied in Athens against the government's plan to make deep budget cuts.  Protesters hit police with sticks and threw fire bombs.  Police fired tear gas to break up the crowds.  

Greece's public sector union has been leading opposition to the government's planned austerity measures.  Union officials express concern the measures will include tax increases and a wage freeze for government workers.  

Mr. Papandreou has said such measures are necessary to ensure the nation's survival.  The government hopes to cut its budget deficit by some $32 billion.

Politicians and investors are worried that economic problems could spread if Greece fails to pay back its debt.  Those concerns grew in the past week when a key credit rating agency, Standard and Poor's, downgraded its credit ratings of Greece, Portugal and Spain.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

At International AIDS Conference One Goal, Many Paths

The 12,000 delegates attending 20th International AIDS Conference in Melbourne have vastly different visions about how to eradicate disease More

Disasters May Doom Malaysia’s Flag Carrier

Even before loss of two jets loaded with passengers on international flights, company had been operating in red for three years, accumulating deficit of $1.3 billion More

Afghan Presidential Vote Audit Continues Despite Glitches

Process has been marred by walkouts by representatives of two competing candidates, Abdullah Abdullah and Ashraf Ghani More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Nature of Space Exploration Enters New Agei
X
Elizabeth Lee
July 20, 2014 2:36 AM
Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.
Video

Video Chicago’s Argonne Lab Developing Battery of the Future

In 2012, the U.S. Department of Energy’s Office of Science awarded a $120 million grant to a new technology center focused on battery development - headquartered at Argonne National Laboratory in suburban Chicago, Illinois. As VOA’s Kane Farabaugh reports, there scientists are making the next technological breakthroughs in energy storage.
Video

Video In NW Pakistan, Army Offensive Causes Massive Number of Displaced

Pakistan’s army offensive in North Waziristan has resulted in the large-scale displacement of the local population. VOA's Ayaz Gul reports from northwest Pakistan where authorities say around 80 percent of the estimated 1 million internally displaced persons [IDPs] have settled in Bannu district, while much of the remaining 20 percent are scattered in nearby cities.
Video

Video Kurdish Peshmerga Force Secures Kirkuk, Its Oil

The Kurdistan regional government has sent its Peshmerga troops into the adjacent province of Kirkuk to drive out insurgents, and to secure the area's rich oil fields. By doing this, the regional government has added a fourth province to the three it officially controls. The oil also provides revenue that could make an independent Kurdistan economically strong. VOA’s Jeffrey Young went out with the Peshmerga and filed this report.
Video

Video Malaysia Reeling: Second Air Disaster in Four Months

Malaysia is reeling from the second air disaster in four months involving the country’s flag carrier. Flight 340 vanished in March and despite an extensive search, no debris has been found. And on Thursday, Flight 17, likely hit by a surface-to-air missile, came apart over eastern Ukraine. The two incidents together have left more than 500 people dead. VOA Correspondent Steve Herman reports from Kuala Lumpur.
Video

Video Diplomatic Crisis Grows Over MH17 Plane Crash

The Malaysia Airlines crash in eastern Ukraine is drawing reaction from leaders around the world. With suspicions growing that a surface-to-air missile shot down the aircraft, there are increasing tensions in the international community over who is to blame. Henry Ridgwell reports for VOA from London.
Video

Video Undocumented Immigrants Face Perilous Journey to US, No Guarantees

Every day, hundreds of undocumented immigrants from Central America attempt the arduous journey through Mexico and turn themselves over to U.S. border patrol -- with the hope that they will not be turned away. But the dangers they face along the way are many, and as Ramon Taylor reports from the Rio Grande Valley in Texas, their fate rests on more than just the reception they get at the US border.
Video

Video Scientists Create Blackest Material Ever

Of all the black things in the universe only the infamous "black holes" are so black that not even a tiny amount of light can bounce back. But scientists have managed to create material almost as black, and it has enormous potential use. VOA’s George Putic has more.
Video

Video Fog Collector Transforming Maasai Water Harvesting in Kenya

The Maasai people of Kenya are known for their cattle-herding, nomadic lifestyle. But it's an existence that depends on access to adequate water for their herds and flocks. Lenny Ruvaga reports for VOA, on a "fog collector."

AppleAndroid