Eurozone holds emergency meeting over Greek debt crisis
Euro zone finance ministers postponed a final decision on extending 12 billion euros
($17 billion) in emergency loans to Greece, saying Athens would first have to introduce
harsh austerity measures.
The ministers, who met in emergency session in Luxembourg
Sunday, said they expected the money, the next tranche in a 110 billion euro ($156
billion) bailout of Greece by the European Union and the International Monetary
Fund, to be paid by mid-July. Greece has said it needs the loans by then to avoid
defaulting on its debt.
Prime Minister George Papandreou, besieged by public
protests and dissent in his own party, appealed to Greeks on Sunday to support
deeply unpopular austerity reforms and avoid a catastrophic bankruptcy.
He
addressed parliament at the start of a confidence debate on his new crisis cabinet. Indicating
the battle Papandreou faces in pushing through the reforms, more than 10,000 demonstrators
protested later in front of parliament chanting: "We won't pay! We won't pay".