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Athens clashes in Greece over Greece Eurozone austerity deal | Athens clashes in Greece over Greece Eurozone austerity deal |
(40 minutes later) | |
Protesters have clashed with police in the Greek capital Athens, amid anger over fresh austerity measures approved under pressure from Eurozone ministers. | Protesters have clashed with police in the Greek capital Athens, amid anger over fresh austerity measures approved under pressure from Eurozone ministers. |
Demonstrators threw rocks and petrol bombs at police, who responded with tear gas. The clashes came after trade unions began a 48-hour strike. | Demonstrators threw rocks and petrol bombs at police, who responded with tear gas. The clashes came after trade unions began a 48-hour strike. |
Parliament is expected to vote on a package of cuts and reforms on Sunday. | Parliament is expected to vote on a package of cuts and reforms on Sunday. |
Eurozone ministers say MPs must approve it before Greece receives 130bn euros ($170bn; £110bn) in bailout funds. | Eurozone ministers say MPs must approve it before Greece receives 130bn euros ($170bn; £110bn) in bailout funds. |
They are also demanding further budget cuts of 325m euros. | They are also demanding further budget cuts of 325m euros. |
And so it wasn't enough. Days of political horse trading to agree on a package of cuts and still Brussels has said "do more". The frustration here in Athens is palpable. | And so it wasn't enough. Days of political horse trading to agree on a package of cuts and still Brussels has said "do more". The frustration here in Athens is palpable. |
Parliamentary approval should be the least of the problems. The coalition controls a large majority of MPs so even a backbench rebellion shouldn't sink the package. The 325m euros in extra savings are possibly feasible too - there is talk that defence could be further cut. | Parliamentary approval should be the least of the problems. The coalition controls a large majority of MPs so even a backbench rebellion shouldn't sink the package. The 325m euros in extra savings are possibly feasible too - there is talk that defence could be further cut. |
But written commitment to the cuts from the party leaders could be the sticking point. It's a tactic that Brussels has tried before and it faced stiff resistance from politicians who talk of national humiliation. | But written commitment to the cuts from the party leaders could be the sticking point. It's a tactic that Brussels has tried before and it faced stiff resistance from politicians who talk of national humiliation. |
But the price of failure is too high for Greece's government, which fears bankruptcy and a potential exit from the euro. And Eurozone leaders are unlikely to cut Greece loose either. Germany's Angela Merkel has said "if the Euro fails, Europe fails." | But the price of failure is too high for Greece's government, which fears bankruptcy and a potential exit from the euro. And Eurozone leaders are unlikely to cut Greece loose either. Germany's Angela Merkel has said "if the Euro fails, Europe fails." |
A third condition set by the Eurozone ministers is that the Greek coalition gives "strong political assurances" on the implementation of the programme". | A third condition set by the Eurozone ministers is that the Greek coalition gives "strong political assurances" on the implementation of the programme". |
The ministers - who met in Brussels on Thursday - said the conditions must be fulfilled by next Wednesday, when they are due to meet again to consider releasing the bailout funds. | The ministers - who met in Brussels on Thursday - said the conditions must be fulfilled by next Wednesday, when they are due to meet again to consider releasing the bailout funds. |
Greece cannot service its huge debt, and there are fears that a default could endanger Europe's financial stability and even lead to a break-up of the Eurozone. | Greece cannot service its huge debt, and there are fears that a default could endanger Europe's financial stability and even lead to a break-up of the Eurozone. |
The country is already reeling from the effects of an earlier round of austerity that followed a previous bailout. Those cuts triggered widespread unrest and violent protests. | The country is already reeling from the effects of an earlier round of austerity that followed a previous bailout. Those cuts triggered widespread unrest and violent protests. |
Greece is deep in recession, with unemployment rising above 20%. | Greece is deep in recession, with unemployment rising above 20%. |
The unions have condemned the latest proposed cuts as "painful measures" that would create misery. | The unions have condemned the latest proposed cuts as "painful measures" that would create misery. |
Toughening mood | Toughening mood |
The BBC's Chris Morris in Brussels says that given Greece's worsening economy, there is concern among European ministers that the overall plan - involving the new bailout as well as an agreement for private banks to write off a substantial chunk of Greek debt - still doesn't do enough to put the country on a sustainable path. | The BBC's Chris Morris in Brussels says that given Greece's worsening economy, there is concern among European ministers that the overall plan - involving the new bailout as well as an agreement for private banks to write off a substantial chunk of Greek debt - still doesn't do enough to put the country on a sustainable path. |
It is the second such bailout and the mood among Eurozone countries appears to be toughening on Greece, our correspondent adds. | It is the second such bailout and the mood among Eurozone countries appears to be toughening on Greece, our correspondent adds. |
While the official view is still that Greece must be saved, he says there is more and more talk on the margins that a Greek default would not be a disaster. | While the official view is still that Greece must be saved, he says there is more and more talk on the margins that a Greek default would not be a disaster. |
On Thursday, Greece's three-party coalition approved a new austerity plan aimed at securing fresh bailout money needed to meet a loan repayment due on 20 March. | On Thursday, Greece's three-party coalition approved a new austerity plan aimed at securing fresh bailout money needed to meet a loan repayment due on 20 March. |
The measures includes: | The measures includes: |
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Reform of the pension system - a key demand of the EU, IMF and European Central Bank - proved to be a stumbling block. | Reform of the pension system - a key demand of the EU, IMF and European Central Bank - proved to be a stumbling block. |
Talks broke up without an agreement, but officials later announced that a compromise had been reached. | Talks broke up without an agreement, but officials later announced that a compromise had been reached. |
However it was not clear how the 325m-euro savings would be made. | However it was not clear how the 325m-euro savings would be made. |
Greek Finance Minister Evangelos Venizelos, of the left-wing Pasok party, launched an attack on his conservative rival Antonis Samaras after attending the finance ministers' meeting. | Greek Finance Minister Evangelos Venizelos, of the left-wing Pasok party, launched an attack on his conservative rival Antonis Samaras after attending the finance ministers' meeting. |
Mr Venizelos said his European counterparts "took into consideration that [Mr] Samaras has still not signed" a letter committing to spending cuts and reforms. | Mr Venizelos said his European counterparts "took into consideration that [Mr] Samaras has still not signed" a letter committing to spending cuts and reforms. |
"The (conservative) party must decide - if they want to stay in the eurozone, they have to say so clearly," Mr Venizelos said, AFP reports. | "The (conservative) party must decide - if they want to stay in the eurozone, they have to say so clearly," Mr Venizelos said, AFP reports. |
Are you in Greece? How will the measures affect you? | Are you in Greece? How will the measures affect you? |
Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7624 800 100 (International). If you have a large file you can upload here. | Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7624 800 100 (International). If you have a large file you can upload here. |
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