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Greece paves way for IMF rescue deal by agreeing savage cuts

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Sean O’Grady
London Indpendent
May 1, 2010

Greece and the wider eurozone scrambled back from the brink of disaster again yesterday as the outline of an IMF/eurozone rescue package emerged.

 The Greek prime minister, George Papandreou, told his nation’s parliament that it must accept the main condition of the emergency loans – which would mean a further €24bn (£20.8bn) austerity package of tax rises and reductions in public spending. The spectre of a Greek default has retreated, if only temporarily.

Mr Papandreou told Greek MPs: “The measures we must take, which are economic measures, are necessary for the protection of our country. For our survival, for our future. So we can stand firmly on our feet. It is a patriotic duty to undertake this, with whatever political cost, which is tiny faced with the national cost of inaction and indecision.”

Some €45bn (£39bn) this year, and a total three-year funding of €120bn (£104bn), is said to be being organised by IMF, European Central Bank (ECB) and European Commission officials. Eurozone finance ministers will meet tomorrow to settle any outstanding issues, chaired by Jean-Claude Juncker, finance minister of Luxembourg. 

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This article was posted: Saturday, May 1, 2010 at 1:44 am





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