Believe nothing

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