Greece could need an extra €15bn (£12.5bn) of international aid in addition to the €130bn in the works as the result of its continued failure to stem public spending.
[Ed. Note: Related.]
by Emma Rowley, Telegraph.co.uk:
Ahead of a crucial parliamentary vote to agree to a series of stark austerity measures designed to meet lenders’ requirements, it emerged the so-called Troika of rescuers are preparing to plough more funds into the troubled European nation.
Amid scenes of continued mounting social unrest, politicians must today decide whether to sign off fresh austerity measures demanded by the country’s international lenders in order to release a second aid package to Athens.
The rescue must be secured by March 20 in order to stave off bankruptcy. It is on that date that the Greek government has to pay back €14.5bn of its debt to holders of its bonds.
On Saturday night, Lucas Papademos, the Greek prime minister, told the nation in a televised address that a rejection of the deal would lead to “uncontrollable economic chaos and social explosion”.
