| Author (Person) | Hope, Kerin |
|---|---|
| Series Title | Financial Times |
| Series Details | 28.6.11 |
| Publication Date | 28/06/2011 |
| Content Type | News |
|
Against a backdrop of rising social unrest and labour movement militancy, the socialist government of George Papandreou, Prime Minister and Finance Minister Evangelos Venizelos, urged the Greek parliament to approve a €28bn, five-year plan of austerity measures and structural reforms in a debate 27-29 June 2011. Should legislators reject the plan, Greece would not receive the fifth tranche of a €110bn European Union-International Monetary Fund loan put together in 2010 to avert a debt default. Trade unions in Greece begin a 48-hour general strike on the 28 June 2011. Separately, it was reported that European financial institutions were beginningb to sketch out a plan to extend a substantial portion of Greece’s maturing sovereign debt for up to 30 years, as creditors coalesced around a French-led plan to replicate the Brady bonds used to bail out Latin America 22 years earlier. It was also reported that European officials had begun to discuss contingency plans in case the Greek parliament failed to approve the austerity package. There was concern that concerned that a failure in Athens could endanger the single currency and spread contagion throughout Europe’s financial system. |
|
| Related Links |
|
| Countries / Regions | Greece |
