Economy

xchrom

(108,903 posts)

46. Greece still to convince Europe over rescue deal

Mon Feb 13, 2012, 12:46 PM

Feb 2012

http://uk.reuters.com/article/2012/02/13/uk-greece-idUKTRE8120SU20120213

(Reuters) - Europe gave Greece until Wednesday to convince sceptical international creditors that it would stick to the punishing terms of a multi-billion-euro rescue package, endorsed by parliament as rioters torched downtown Athens.

Lawmakers backed drastic cuts in wages, pensions and jobs on Sunday as the price of a 130 billion euro ($170 billion) bailout by the European Union and International Monetary Fund to avert a messy default that would send shockwaves through the euro zone.

Scenes of running battles between police and rioters and flames engulfing cinemas, shops and banks underscored a sense of deepening turmoil in the country after more than four years of recession and two of punishing austerity.

The EU warned on Monday that the consequences of failure would be "devastating."

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