Sunday, February 12, 2012

Greece Parliament to vote on austerity measures



Athens, Greece (CNN) -- The parliament in Greece is expected to vote Sunday on austerity measures demanded in return for a new eurozone bailout of the debt-stricken country.

In a speech Saturday evening, Prime Minister Lucas Papademos urged the Cabinet to approve the deal, warning of "social explosion, chaos" if it fails.

"The state will not be able to pay salaries and pensions or import basic goods" such as medicine and fuel, he warned, adding that "unemployment, which is currently unacceptably high, would increase even higher."

Ultimately, Papademos said, if parliament rejects the deal, Greece -- already in the midst of a prolonged recession -- would be "bankrupted and out of the eurozone." Read More