Papandreu Warns against Consequences of Bankruptcy in Greece

Athens, Jun 19 (Prensa Latina) Greek Prime Minister Yorgos Papandreu warned Sunday against the consequences of an possible “disordered bankruptcy” for the credibility of Greece and its banks.

Papandreu asked the parliament to support his unpopular plan of additional budget cuts, after warning that the country was at a critical crossroads and bankruptcy would cause a catastrophe.

“Divisions do not help,” the prime minister repeated, calling on the Greek people to be united and accept the austerity measures demanded by the European Union (EU) and the International Monetary Fund (IMF).

Papandreu, whose administration will be a parliamentary confidence vote, which he himself requested, defended the intervention of the EU and the IMF in Greece’s economic recovery.

Without the assistance of those two organizations, the country’s cash reserves would be exhausted soon and Greece has no alternative but to accept the severe measures in exchange for financial assistance, he said.

The new austerity package will lead to more privatization and unemployment and higher taxes, and has been widely rejected by Greek trade unions and political forces.

3 responses to “Papandreu Warns against Consequences of Bankruptcy in Greece

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