Greeks bearing economic burdens

Author: Jennifer Lechtanski

ATHENS (AFP) – The beleaguered Greek government is later Monday to outline measures to combat the worst debt crisis in the country’s modern history but its plans are threatening to spark fierce union resistance.

Government vice president Theodore Pangalos told the newspaper Ta Nea that “at this moment, loans are a matter of life and death for the Greek economy.”

“Our debt must be stabilised before it can begin to retreat,” Pangalos said, adding: “I’ve never seen such a situation in my 29 years in parliament.”

He was speaking ahead of a scheduled speech by Prime Minister George Papandreou on the country’s crippling 300-billion-euro (442-billion-dollar) debt.

The crisis has split the recently-elected Socialists. Some cadres fear a whirlwind of social unrest from the country’s influential unions. Read More