The Eurozone and the International Monetary Fund had asked for austerity plans to be implemented so that Greece can access a rescue loan package worth US$146 billion in order not to default on debts. The austerity programme is estimated to save $38 billion. Greece also aims to lower the public deficit to less than 3\% of the GDP in four years; at the moment it is at 13.6\%. Prime minister George Papandreou described the situation to parliament ahead of the vote, saying: "The situation today is simple - either we vote and implement the deal or we condemn the country to bankruptcy [...] The future of Greece is at stake. The economy, democracy and social cohesion are being put to the test."
The and the International Monetary Fund had asked for austerity plans to be implemented so that Greece can access a rescue loan package worth US$146 billion in order not to default on debts. The austerity programme is estimated to save $38 billion. Greece also aims to lower the public deficit to less than 3\% of the GDP in four years; at the moment it is at 13.6\%. Prime minister described the situation to parliament ahead of the vote, saying: "The situation today is simple - either we vote and implement the deal or we condemn the country to bankruptcy [...] The future of Greece is at stake. The economy, democracy and social cohesion are being put to the test."
D
Eurozone
D
George Papandreou