News / Europe

EU Leaders Confident Greece Bailout Will Succeed

EU Monetary Affairs Commissioner Olli Rehn
EU Monetary Affairs Commissioner Olli Rehn

The head of the European Commission says he is confident an emergency aid package will keep Greece's crippling debt crisis from further threatening the financial health of other EU nations.

Speaking at a press conference in Beijing Friday, Commission President Jose Manuel Barroso said measures to contain the crisis will be in place in the coming days.

Officials say a bailout being discussed with the EU and International Monetary Fund will likely cost about $160 billion, and will require Greece to drastically slash its deficit by 2011.

Greek Prime Minister George Papandreou told parliament Friday the cutbacks are a "patriotic responsibility" that must be done without regard to political cost.

Greek union officials said the proposed deal could cause extreme hardship.

Police fired tear gas on protesters outside of Greece's finance ministry late Thursday as hundreds gathered to rally against the austerity measures.

More protests are planned on Labor Day, which is on Saturday, while unions have called for a general strike on May 5.

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

Greece faces a May 19 deadline for servicing a portion of its debt.

Any Greek bailout will require the approval of other euro zone members, and the plan has met political opposition in Germany.

European officials, including the European Commission's top economic official Ollie Rehn, have been pressing Germany to support the rescue, saying the package is needed to "safeguard financial stability in Europe."

European Central Bank President Jean-Claude Trichet also said the bailout was needed to help give Europe a "strong sense of direction" to guide the economy.

Standard and Poor's Chief Economist David Wyss told the Associated Press Thursday that the biggest threat from the Greek debt crisis is panic among investors.

Wyss said if people fear Greece will default, they will also worry Portugal will default and then "they will panic about everything."

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

You May Like

As AIDS Epidemic Matures, Workplaces Adapt

Issue of AIDS in workplace is one of many social issues being discussed at the 20th International Aids Conference in Australia More

Is Air Travel Safe?

Aviation expert says despite tragic losses of Malaysian Airlines flights 370 and 17, industry experienced lowest fatality rate in recorded history last year More

100 Days Later, Nigerian Girls Still Held

Activists holding rallies in Nigeria and several other countries to mark 100th day of captivity for more than 200 schoolgirls being held by Boko Haram 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.
IAEA: Iran Turns its Enriched Uranium Into Less Harmful Formi
X
July 22, 2014 10:26 AM
Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.
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.

AppleAndroid