PM says Greece in "battle for survival" as bailout deal nears completion
Top News: Reports that a new IMF-EU bailout deal for struggling Greece could be just days away helped stock markets around the world to rise this morning, but the country's pain is far from over.
According to labor union officials, the lenders are demanding severe austerity measures from the Greek government as a condition of the bailout. These include cutting civil servants' salaries, freezing their pay increases, reducing pensions and increasing taxes. Greek police clashed with protesters outside parliament yesterday, and more strikes and demonstrations are expected in the days ahead. Greek Prime Minister George Papandreou warned ominously that his country was in "a battle for survival."
Greece's efforts to pay down it's debt -- nearly 120 percent of Gross Domestic Product -- were hampered earlier this week when the country's bond rating was lowered to "junk" status, making it much more expensive to borrow money. European public opinion -- particularly in Germany which will finance the largest share of a bailout -- is largely against bailing out Greece.
Oil spill: The first wave of oil from the Deepwater Horizon spill in the Gulf of Mexico is beginning to reach the Louisiana coast today, threatening the region's ecologically sensitive wetlands and fishing industry.
The White House says no new offshore drilling will be approved until the incident is investigated. The Obama administration eased a ban on offshore drilling last month.
According to labor union officials, the lenders are demanding severe austerity measures from the Greek government as a condition of the bailout. These include cutting civil servants' salaries, freezing their pay increases, reducing pensions and increasing taxes. Greek police clashed with protesters outside parliament yesterday, and more strikes and demonstrations are expected in the days ahead. Greek Prime Minister George Papandreou warned ominously that his country was in "a battle for survival."
Greece's efforts to pay down it's debt -- nearly 120 percent of Gross Domestic Product -- were hampered earlier this week when the country's bond rating was lowered to "junk" status, making it much more expensive to borrow money. European public opinion -- particularly in Germany which will finance the largest share of a bailout -- is largely against bailing out Greece.
Oil spill: The first wave of oil from the Deepwater Horizon spill in the Gulf of Mexico is beginning to reach the Louisiana coast today, threatening the region's ecologically sensitive wetlands and fishing industry.
The White House says no new offshore drilling will be approved until the incident is investigated. The Obama administration eased a ban on offshore drilling last month.
| Asia
Middle East
Americas
Europe
Africa
-By Joshua Keating |  |
LOUISA GOULIAMAKI/AFP/Getty Image
No comments:
Post a Comment