Home > Global news > Greek PM Warns of ‘Catastrophic’ Default

Greek PM Warns of ‘Catastrophic’ Default

Monday, 20 June 2011 07:45

‘The Greek Prime Minister George Papandreou has asked Greeks to support further austerity measures or the country will face a “catastrophic” default. The austerity measures will include further spending cuts, an increase in taxes and a privatization plan, which the International Monetary Fund (IMF) and the EU have demanded in return for the new EUR 12 billion bailout package.

“The consequences of a violent bankruptcy or exit from the euro would be immediately catastrophic for households, the banks and the country’s credibility,” said Papandreou as he appealed to the opposition to support him in a confidence vote, while addressing the Greek parliament, Reuters reported.’

Read more: Greek PM Warns of ‘Catastrophic’ Default

Categories: Global news
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: