Greek cabinet backs extra austerity measures

[dipsydoodle]

(Reuters) - Greece's cabinet approved Saturday a final set of austerity measures sought by the EU and IMF as a condition for a 130 billion euro ($171 billion) rescue package, raising the chances of a deal next week to avert a chaotic default on its debt.

The approval was largely a formality after Athens last week unveiled details of the extra budget and public sector wage cuts worth 325 million euros to euro zone partners.

Lingering doubts over whether Greece can bring its mountain of debt down to more manageable levels in coming years could still hold up the rescue package. Some officials in the 17-nation currency union warn chances of a deal at a euro zone meeting Monday are little higher than 50-50.

"The 325 million euros worth of measures were approved unanimously," said one minister, speaking on condition of anonymity, about the cuts, part of a 3.3-billion-euro package of austerity measures that have already triggered riots in Athens.

http://uk.reuters.com/article/2012/02/18/uk-greece-idUKTRE81F0EL20120218 ATHENS | ATHENS | Sat Feb 18, 2012 7:58pm GMT

[muriel_volestrangler]

1. Story has been extensively updated in place

with many more paragraphs, if you want to quote some more. The headline is also now much more informative - "Greek cabinet backs extra austerity measures".

[dipsydoodle]

2. Thanks

I've updated the whole post as now current.

[stockholmer]

3. expect a lot more of this

Those who make peaceful revolution impossible will make violent revolution inevitable.

John F. Kennedy

[dipsydoodle]

4. Some of it is self defeating

Last weekend they mullered all of the traffic lights in Athens. They can't afford to replace them so they' ve been using traffic wardens. The whole week has been one constant traffic jam.

[dipsydoodle]

6. Greeks protest cuts on eve of bailout decision

(Reuters) - Several thousand Greeks demonstrated Sunday against punishing austerity measures to reduce the country's debt, on the eve of make-or-break talks in Brussels on a 130-billion-euro ($171 billion) bailout to avert bankruptcy.

Greece hopes euro zone finance ministers will sign off on Monday on the rescue package funded by the European Union and International Monetary Fund, Greece's second bailout since 2010.

Sceptics, led by Germany, remain wary about Greece's determination to shrink its debt mountain. Yet failure by Athens to service its debts next month would trigger a chaotic default that would send shockwaves through the single currency.

Greek Prime Minister Lucas Papademos flew to Brussels for last-minute preparations as some 3,000 demonstrators massed on the capital's central Syntagma square.

http://uk.reuters.com/article/2012/02/19/uk-greece-idUKTRE81F0EL20120219

[dipsydoodle]

7. Greek bailout 'elements in place', says France's Baroin

All the elements are in place for agreement on a new bailout loan for Greece, the French finance minister has said, ahead of a meeting of eurozone finance ministers in Brussels.

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French Finance Minister Francois Baroin said Greece could not wait any longer.

On Sunday Greek PM Lucas Papademos went to Brussels to try to clinch the deal.

http://www.bbc.co.uk/news/world-europe-17092964