Saturday, February 11, 2012

Greece crisis reaches boiling point as Athens asks if it can stay in the euro

1:21 AM | Posted by Free Game Zone | Edit Post



. The finance minister said that Greece has to decide on Sunday

. Street becomes

violence as ministers called extortion terms rescue

. Merkel sets Women warned against

default "uncontrollable consequences"

Greece is facing an acute crisis and social policy over the weekend that bankruptcy is ready to decide if you can stay in the single currency.

as riot police clashed with demonstrators in the streets of Athens, and five ministers resigned in protest at the scale of spending cuts required in exchange for a new ? 130 billion (£ 108bn) rescue plan, Evangelos Venizelos, Greek Finance Minister and Socialist leader said that the country had until Sunday to choose the medicine go down in the euro area over the cuts, or default on its debt next month and be forced to the euro

In an emotional speech said. "The choice we face is one of sacrifice or sacrifice even more -. On a scale can not compare our country, our country, our society has to think and make a final decision strategically If we see the salvation and the future of countries in the euro area in Europe, we must do what we can do to make the approved program. "

Police surrounded the building of the Greek Parliament, after the failure of finance ministers of euro area to approve the bailout for Greece. Prime Minister, Mr Lucas Papademos, offered new austerity measures worth ? 3.3 billion to ensure the lifeline of the euro, but I was told that the money would not be saving up 'to an additional ? 325 have been identified. He was told to get the program approved ? 3.3 billion and arrive at a plan for further reductions - to avoid a gap in the budget this year - Sunday

George Karatzaferis, a Greek coalition leader, speaks of national humiliation and said he would not accept the new cuts, adding that Greece was working "under the boot German. "

The violent scenes in Athens broke the climate of calm that has characterized financial markets this year. The securities markets of France and Germany closed at around 1.5%.

The anger of the far right in Greece echoes the left, where a Socialist minister accused of giving up the euro area "extortion" in its policies towards Athens.

In Germany, Angela Merkel has warned his parliamentary center-right of "uncontrollable consequences" for the euro area should become the nation of Greece to declare the first euro debt default on the rise. His finance minister, Wolfgang Schäuble, told members themselves, according to reports in Berlin, later in Athens promises more spending cuts fell well below what was needed.
  • Ministers of the EU requires that the three leaders of coalition parties in the caretaker Papademos delivered signed commitments in the program, making them binding and irreversible, no matter who wins the general election expected in early April .
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  • "It certainly violates the sovereignty of the country and not allow democratic elections to work," said a government minister of a country in the euro area south of The Guardian. "But it is difficult when you need money. "
  • Papademos said the Council of Ministers, which approved tonight in the loan agreement, the country had no choice - "our priority is to do everything you need for the new program economic. "Whoever does not agree should leave the government.
The aim of the Greek second bailout in two years is to reduce the national debt from 160% of current GDP to 120% by 2020. Apparently, this is achieved by ? 130 000 000 000 of the euro area and the IMF, in collaboration with the very difficult spending cuts and tax increases and a reduction of debt to private creditors of the country through an agreement swap debt to halve the burden from ? 200 billion to ? 100 billion. However, the ? 130 000 000 000 is no longer considered sufficient and Schäuble said that the parliamentarians said that as the level of Greek debt promises to be between 128% and 136% of GDP in 2020.

other hand, in a shameful admission picture taken at a meeting in Brussels, Mr. Schäuble said Portuguese Finance Minister would be prepared to change the terms of a ? 78bn bailout of Portugal a Once the Greek situation has been resolved - comments deemed inflammatory, given the hard line taken by Athens. "If there is a need for an adjustment in the Portuguese program who would be willing to do", said Schäuble. Gaspal Portugal Vitor replied: "It is much appreciated."

finance ministers of the euro area will meet again in Brussels on Wednesday to sign the terms of the swap agreement rescue and debt on condition that Athens has met the strict conditions.
Karatzaferis, leader of the far-right party Laos in the three-party coalition said they would vote against the austerity plan and was ready to leave the coalition in protest. "Greece can not and should not do without the European Union, but could do without the German heel," he said. "What is particularly bothered me is the shame of this country."


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