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Greece bailout: Large protests expected against cuts Greece bailout: Large protests expected against cuts
(about 3 hours later)
Greece is braced for large protests against further budget cuts, following a 130bn-euro (£110bn; $170bn) bailout deal aimed at avoiding bankruptcy.Greece is braced for large protests against further budget cuts, following a 130bn-euro (£110bn; $170bn) bailout deal aimed at avoiding bankruptcy.
There are fears of more violence during the rallies called by trade unions as the public mood hardens, a BBC correspondent in Athens says.There are fears of more violence during the rallies called by trade unions as the public mood hardens, a BBC correspondent in Athens says.
Meanwhile the government is finalising emergency legislation demanded by international lenders.Meanwhile the government is finalising emergency legislation demanded by international lenders.
It says Greece has avoided a nightmare scenario by agreeing to the bailout.It says Greece has avoided a nightmare scenario by agreeing to the bailout.
The country has already been through a massive austerity programme in return for an earlier bailout, and many are angry at the prospect of years more hardship. The country has a week to approve a raft of spending cuts of more than 3bn euros tied to the bailout.
Athens last week saw the worst rioting in years after parliament passed the deeply unpopular austerity measures. Emergency legislation, discussed by the Greek cabinet on Tuesday night, will be debated by MPs on Wednesday afternoon, although no vote is expected until Thursday.
More confrontations between protesters and police are expected on Wednesday over the measures demanded by other eurozone governments and the International Monetary Fund as a condition for the rescue. The bill proposes cutting the current 751-euro minimum monthly wage by 22%, and also further cuts of pensions, reports say.
A key part of the bailout deal - the debt writedown by holders of Greek bonds - will be discussed at committee level before going to a vote by MPs on Thursday.
The protest against measures demanded by the IMF and other eurozone governments has been planned to coincide with Wednesday's session of parliament.
A week ago, Athens saw its worst rioting in years as MPs passed a series of deeply unpopular austerity measures.
Greeks are a resilient people, well-versed in surmounting obstacles through their history. But that resilience is being sorely tested.Greeks are a resilient people, well-versed in surmounting obstacles through their history. But that resilience is being sorely tested.
The country has been living with punishing austerity for much of the past two years: unemployment has reached record heights at over 21%, the economy contracted by 7% in the last quarter of 2011.The country has been living with punishing austerity for much of the past two years: unemployment has reached record heights at over 21%, the economy contracted by 7% in the last quarter of 2011.
And now, with the bailout deal approved in Brussels, the cuts are set to get deeper still.And now, with the bailout deal approved in Brussels, the cuts are set to get deeper still.
And Greeks are growing ever more doubtful that the path ahead will lead them out of this crisis. The government is acutely aware that support for the bailout and the austerity measures is costing it dearly in the opinion polls.And Greeks are growing ever more doubtful that the path ahead will lead them out of this crisis. The government is acutely aware that support for the bailout and the austerity measures is costing it dearly in the opinion polls.
"Workers in our country refuse to accept the barbarity of the tougher neo-liberal measures that have been extortionately imposed by our creditors," the GSEE private sector trade union warned earlier this week."Workers in our country refuse to accept the barbarity of the tougher neo-liberal measures that have been extortionately imposed by our creditors," the GSEE private sector trade union warned earlier this week.
"And that is why they will continue and step up their struggle... to block the destruction of our society".
Under Tuesday's agreement hammered out after marathon talks in Brussels:Under Tuesday's agreement hammered out after marathon talks in Brussels:
  • Greece will undertake to reduce its debt from 160% of GDP to 120.5% by 2020
  • private holders of Greek debt will take losses of 53.5% on the value of their bonds, with the real loss as much as 70%
  • eurozone experts will permanently monitor Greece's economic management
  • a constitutional change will give priority to debt repayments over the funding of government services
'Daily struggle'
  • Greece will undertake to reduce its debt from 160% of GDP to 120.5% by 2020
  • private holders of Greek debt will take losses of 53.5% on the value of their bonds, with the real loss as much as 70%
  • eurozone experts will permanently monitor Greece's economic management
  • a constitutional change will give priority to debt repayments over the funding of government services
'Daily struggle'
On Tuesday, Finance Minister Evangelos Venizelos said the deal had given Greece a new opportunity, and had "avoided the nightmare scenario".On Tuesday, Finance Minister Evangelos Venizelos said the deal had given Greece a new opportunity, and had "avoided the nightmare scenario".
"What we have is the clear, explicit commitment of our peers that they will support us even after the end of the programme, until Greece returns to the markets," he said."What we have is the clear, explicit commitment of our peers that they will support us even after the end of the programme, until Greece returns to the markets," he said.
The country has just over a week to approve a round of spending cuts of more than 3bn euros tied to the bailout. Opinion polls suggest that the two parties in the coalition government, which currently dominate parliament, are facing huge losses at the next election, scheduled for April.
At Tuesday's cabinet meeting, ministers discussed emergency legislation. A parliamentary vote is expected on Thursday.
The bill proposes cutting the current 751-euro minimum monthly wage by 22%, and also further cuts of pensions, reports say.
Opinion polls suggest that the two parties in the coalition, which currently dominate parliament, are facing huge losses at the next election, scheduled for April.
What went wrong in Greece?

What went wrong in Greece?

Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.

What went wrong in Greece?

Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.

What went wrong in Greece?

The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.

What went wrong in Greece?

Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.

What went wrong in Greece?

There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.

What went wrong in Greece?

Eurozone leaders are worried that if Greece were to default, and even leave the euro, it would cause a major financial crisis that could spread to much bigger economies such as Italy and Spain.

What went wrong in Greece?

In 2010, the EU, IMF and ECB agreed a bailout worth 110bn euros (
What went wrong in Greece?

What went wrong in Greece?

Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.

What went wrong in Greece?

Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.

What went wrong in Greece?

The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.

What went wrong in Greece?

Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.

What went wrong in Greece?

There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.

What went wrong in Greece?

Eurozone leaders are worried that if Greece were to default, and even leave the euro, it would cause a major financial crisis that could spread to much bigger economies such as Italy and Spain.

What went wrong in Greece?

In 2010, the EU, IMF and ECB agreed a bailout worth 110bn euros (