News / Europe

Greece Readies Tough Austerity Package for Bailout

Greek riot police officers charge protesters at Syntagma square in front of the Greek Parliament in central Athens, during minor scuffles following a peaceful ongoing rally against plans for new austerity measures,  June 22, 2011
Greek riot police officers charge protesters at Syntagma square in front of the Greek Parliament in central Athens, during minor scuffles following a peaceful ongoing rally against plans for new austerity measures, June 22, 2011

Greek Prime Minister George Papandreou is now pushing for approval of unpopular austerity measures that are aimed at securing emergency international bailout funds to keep the country from defaulting on its debt.

Earlier Wednesday, Papandreou survived a crucial parliamentary confidence vote, making passage of the controversial economic reforms more likely.

Crowds in the square outside parliament reacted angrily to the vote. Riot police used tear gas to disperse protestors who broke off from the main rally.

Many Greeks said that while they understand the need to get the public debt under control, they feel the government, the European Union and International Monetary Fund are not going about it the right way.

But EU leaders are adamant that Greece move ahead with sharp economic reforms including increased taxes and privatizations of the public sector before they release the next $17 billion of last year's promised $160 billion bailout funds.

Wednesday's confidence vote fell strictly along party lines, indicating that Papandreou will continue to face challenges to the reform program. The vote passed with 155 lawmakers backing the government and 143 voting against it. Two abstained.

Following the vote, Asian stock markets rose, with Tokyo's Nikkei gaining 1.8 percent.  The euro also managed short term gains.

EU leaders are to meet in Brussels Thursday to further discuss the debt crisis.

Papandreou is appealing to lawmakers to pass his package of spending cuts, tax hikes, and the sale of state assets. He warned parliament that Greece would face bankruptcy and default next month if it fails to back his reforms and secure the loan payment.

The opposition and some members of the prime minister's own Socialist Party say the reforms will not work.

Economic analysts say a default by Greece could spark another global financial disaster.

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

You May Like

India PM Modi's party distances itself from religious conversions

BJP under fire for being slow to rein in hardline affiliate groups allegedly trying to promote a Hindu-dominant agenda by luring Muslims and Christians to convert to Hinduism More

Anti-Whaling Group Found in Contempt of Court

Radical environmentalists who threw acid and smoke bombs at Japanese whalers in the waters off Antarctica continue their campaign to disrupt Japan's annual whale hunt More

UN's Ban Urges End to Discrimination Against Ebola Workers

Ban was speaking in Guinea on the second day of a whistle-stop tour aimed at thanking healthcare workers of the countries at the heart of the epidemic 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.
Sudan School Becomes Target of Aerial Attacksi
X
December 19, 2014 12:45 AM
The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Putin Says Russian Economy Will Emerge Stronger

Russian President Vladimir Putin has said his country's sinking economy will not only recover but also become stronger, despite falling oil prices and Western sanctions over Ukraine. VOA's Daniel Schearf reports.
Video

Video Detained Turkish Journalists Follow Teachings of US-Based Preacher

The Turkish government’s jailing of critical journalists has sparked international condemnation and is being seen as an effort to undermine the followers of an ailing Turkish preacher based in the United States. VOA religion reporter Jerome Socolovsky has more.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.

All About America

AppleAndroid