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Greece Agrees to Bailout Deal With E.U. and the I.M.F.

NY Times [1]
May 2, 2010

ATHENS — Prime Minister George Papandreou Sunday said that Greece has reached an agreement with the International Monetary Fund and European Union on a long-delayed rescue package that is expected to be as much as 120 billion euros. The deal aims to help the country avoid a debt default and prevent economic contagion from spreading throughout the region.

In a televised statement to the nation, Mr. Papandreou said he would do anything to avoid the country going bankrupt. He urged Greeks to accept “great sacrifices.”

“I have done and will do everything not to let the country go bankrupt,” he said appearing sober and resolved in front of his Cabinet and appealing to Greeks to show patriotism at a moment of deep crisis. “We want to show that Greece is changing, going through a rebirth. We are talking about historic changes.”

He signaled that public sector employees would see their salaries further slashed while retired civil servants would have their pensions scaled back. He said members of parliament would also do away with their bonuses. He added that in tough negotiations with the International Monetary Fund, the European Union and the European Central Bank, the government had succeeded in avoiding cuts to private sector salaries.

Full article here [1]