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Greek bailout crisis: Brussels welcomes austerity vote
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Greek bailout crisis: Brussels welcomes austerity vote

Views:0     Author:Site Editor     Publish Time: 2019-06-01      Origin:Site

 Economics commissioner Olli Rehn urged Greek officials to "take ownership" and fully implement the reforms, demanded by the EU in return for a huge bailout.


But the measures attracted massive protests throughout Greece. Buildings were set on fire in Athens and police used tear gas to disperse the crowds.


The government confirmed later that an election would be held in April.


Analysts say the biggest party in the governing coalition, the socialist Pasok, is likely to suffer at the hands of the electorate.


Greece is trying to secure a 130bn euro ($170bn; £110bn) bailout from the EU and IMF to prevent it defaulting on its massive debts. The deal, which has not yet been finalised, could write off around half of Greece's privately-held debt.


The austerity measures were demanded by the European Union as a precondition for releasing the funds.


Greece now has two days to meet two other EU demands: setting out exactly how it will make 325m euros of the promised savings, and giving written confirmation that the measures will be implemented regardless of the outcome of April's election.


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