Sunday, June 19, 2011

Greek PM Warns Of Financial 'Catastrophe' as Europe's financial crisis deepens

The Greek Prime Minister has appealed to his people to support the hugely unpopular austerity measures he is seeking to impose to avoid financial ruin.

George Papandreou warned Greece's cash reserves would soon be exhausted without a new bailout by the International Monetary Fund (IMF) and the European Union.

His government's economic plans have sparked mass protests within the country and forced a cabinet reshuffle, a precondition for receiving extra cash.

"The consequences of a violent bankruptcy or exit from the euro would be immediately catastrophic for households, the banks, and the country's credibility."
--
George Papandreou, Greek prime minister