Greek cabinet approves EU-IMF bailout deal

Greek cabinet approves EU-IMF bailout deal(Athens) – Greece’s cabinet has approved a draft bill approving reforms demanded by the EU-IMF troika for a new bailout package worth 130 billion Euros to help the country avoid bankruptcy.
The demands required by the troika of the European Union, the European Central Bank, and the International Monetary Fund included a 20% reduction in the minimum wage, the layoff of 15,000 public sector workers, and a 15% cut in supplementary pensions. The Greek parliament is now expected to vote on the package on Feb, 12.
Greek Prime Minister Lucas Papademos announced, “There was unanimous approval”. He added that anyone who votes against the bill “cannot remain in the government” since a default would push the country into a state of “uncontrolled economic chaos and social explosion.”

Posted on Feb 11 2012. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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