Wednesday, June 29, 2011

Brussels presses for Greece: the austerity plan is the only alternative to bankruptcy

The only way to avoid bankruptcy Greece's parliament to approve this week the austerity plan submitted by the Government because there is no plan B, insisted today the European Commission (EC). "I am confident that Greece's political leaders are fully aware of their responsibility to avoid bankruptcy," said Economic Affairs Commissioner Olli Rehn said in a statement.

The Greek Parliament on Monday began debate on the new austerity measures proposed by the Government, with uncertainty about whether they will be adopted following the defections in the ranks of the growing socialist and social pressure. It depends on the delivery of a fifth tranche of aid to 12,000 million euros to pay salaries and pensions in July.

Without that money, Greece can not meet their payments and became the first eurozone country to suspend payments. "The only way to avoid the immediate suspension of payments is that Parliament supports the revised economic program," he said Rehn, another urgent appeal to the Greek deputies to approve the austerity plan for the next five years, amounting to 78,000 million euros.

Several media reported Monday that the eurozone is working on a plan B in case the Greek Parliament rejected the austerity program. "Let me say clearly: there is no plan B to avoid bankruptcy," Rehn stressed. "The EU remains ready to help Greece, but Europe can only help to Greece if Greece is helping itself," he said.

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