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| Greek lawmakers begin debate on austerity plan | |
| (about 7 hours later) | |
| The Greek parliament has opened its on debate new austerity plans needed to secure fresh international loans. | |
| The planned cuts and sell-offs are unpopular among the Greek public, but the alternative appears to be national debt default. | The planned cuts and sell-offs are unpopular among the Greek public, but the alternative appears to be national debt default. |
| The bill is due to go to a vote on Wednesday and - if passed - would come into force the following day. | The bill is due to go to a vote on Wednesday and - if passed - would come into force the following day. |
| It would trigger the release to Greece of 12bn euros ($17bn) from the European Union and International Monetary Fund. | It would trigger the release to Greece of 12bn euros ($17bn) from the European Union and International Monetary Fund. |
| The outcome of the debate is uncertain. Prime Minister George Papandreou faces opposition from within his own Socialist ranks. Two of his own deputies have said they may oppose the bill. | The outcome of the debate is uncertain. Prime Minister George Papandreou faces opposition from within his own Socialist ranks. Two of his own deputies have said they may oppose the bill. |
| The governing Pasok party has a slim majority, with 155 seats out of 300 in parliament. | The governing Pasok party has a slim majority, with 155 seats out of 300 in parliament. |
| The package of measures, including tax increases, spending cuts and the sale of state assets, is thought to be worth 28bn euros (£25bn, $40bn) in savings over five years. | The package of measures, including tax increases, spending cuts and the sale of state assets, is thought to be worth 28bn euros (£25bn, $40bn) in savings over five years. |
| National strike | National strike |
| In an interview published on Sunday, Deputy Prime Minister Theodor Pangalos was optimistic about winning the first round of general votes on tax and spending targets and the creation of a privatisation agency. | In an interview published on Sunday, Deputy Prime Minister Theodor Pangalos was optimistic about winning the first round of general votes on tax and spending targets and the creation of a privatisation agency. |
| But he was more cautious about whether the government could get through further legislation on individual budget measures and the privatisation of specific state assets. | But he was more cautious about whether the government could get through further legislation on individual budget measures and the privatisation of specific state assets. |
| Unions have called a two-day national strike starting on Tuesday. | Unions have called a two-day national strike starting on Tuesday. |
| Even as the next slice of aid under the existing 110bn euro bail-out is being discussed, the EU and the IMF are debating a second rescue package that could rival the size of the existing one. | Even as the next slice of aid under the existing 110bn euro bail-out is being discussed, the EU and the IMF are debating a second rescue package that could rival the size of the existing one. |
| They want private lenders to help out with this for the first time by agreeing to softer lending terms for the Greeks. | They want private lenders to help out with this for the first time by agreeing to softer lending terms for the Greeks. |
| The British Treasury has denied it is pressing banks to "take a haircut" on their Greek debt investments. | The British Treasury has denied it is pressing banks to "take a haircut" on their Greek debt investments. |
| Meanwhile, two major investors have warned of the gravity of the situation facing Europe. | Meanwhile, two major investors have warned of the gravity of the situation facing Europe. |
| The joint head of the world's biggest bond fund manager, Pimco, has said Greece's sovereign debt restructuring is inevitable. | The joint head of the world's biggest bond fund manager, Pimco, has said Greece's sovereign debt restructuring is inevitable. |
| Pimco's co-chief investment officer, Mohamed El-Erian, warned the nation's problems could "contaminate" Europe. | Pimco's co-chief investment officer, Mohamed El-Erian, warned the nation's problems could "contaminate" Europe. |
| And leading investor George Soros, who reportedly made £1bn when the pound crashed out of the euro's forerunner, the ERM, said the world was on the brink of another disaster. | And leading investor George Soros, who reportedly made £1bn when the pound crashed out of the euro's forerunner, the ERM, said the world was on the brink of another disaster. |
| Mr Soros said it was almost inevitable that one or more eurozone country would exit the single currency. | Mr Soros said it was almost inevitable that one or more eurozone country would exit the single currency. |