Protests in Greece as Eurozone lays down fresh bailout conditions

Philippine Times Friday 10th February, 2012

BRUSSELS/ATHENS As Eurozone put forth fresh conditions for Athens to secure a 130 billion bailout package violent protests broke out in Greece against the austerity measures and four ministers were reported to have quit the cabinet.

Protesters clashed with police in Athens as unions began a 48-hour strike against the austerity measures, that include cuts in wages, pensions and government spending.

Police hurled tear gas shells to disperse the belligerent crowds. There were reports of minor injuries on both sides.

Four ministers of the far-right Laos party, the smallest party in the ruling coalition, put in their papers in protest against the new measures that have to be put to vote in parliament on Sunday.

On Thursday night, the Eurozone laid down fresh conditions for Greece to get the bailout package.

Luxembourg Prime Minister Jean-Claude Juncker, the chairman of the meeting of 17 Eurozone finance ministers, said that Greece will need to find an extra 325 million euros in savings for 2012. The Greek parliament is required to agree to the deal on Sunday.

Juncker said that Athens will also have to give "strong political assurances" that it will stick to the tough reforms after the April general elections.

Juncker, expressing the Eurozone's decision to be stern, said. "In short: no disbursement before implementation."

He said the European finance ministers would meet again next Wednesday if the conditions are met.

Greece needs international help to repay a 14.5 billion euro bond due on March 20.

Greek Finance Minister Evangelos Venizelos said that the parliamentary vote Sunday on the new Eurozone demands would be tantamount to a ballot on euro membership.

"If we see the salvation and future of the country in the euro area, in Europe, we have to do whatever we have to do to get the programme approved," Venizelos said.