2011-06-20 08:43:32

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".








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