Greece Readies Tough Austerity Package for Bailout
时间：2011-06-23 06:58:15
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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
disperse1 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
Monetary2 Fund are not going about it the right way.
But EU leaders are
adamant3 that Greece move ahead with sharp economic reforms including increased taxes and privatizations of the public
sector4 before they release the next $17 billion of last year's promised $160 billion bailout funds.
Wednesday's confidence vote fell
strictly5 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
abstained6.
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
bankruptcy7 and default next month if it fails to back his reforms and secure the loan payment.
The
opposition8 and some members of the prime minister's own
Socialist9 Party say the reforms will not work.
Economic
analysts10 say a default by Greece could spark another global financial disaster.
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