MPs of Greece Passed The Drastic Austerity Package

by San Antonio Attorney

The Greek parliament has approved a drastic austerity measures package meant to keep the country from debt default.

The proposal on tax increases and budget cuts are profoundly disapproved by the Greek people.

A 2-day strike across the country took place and chaotic situations are occuring in the streets of Athens, capital of Greece.

Greece is deep in debt and the austerity package is required to get the newest installment of a 110 billion euro loan.

The majority of the 300 members of the parliament passed the austerity measures.

Another vote on the bill outlining measures to carry out the package is scheduled on Thursday.

Prime Minister George Papandreou had been encouraging members of the parliament to pass the package through a consensus.

Greece is getting ready to receive a second loan from the European Union, intended for payments on its financial debt up to 2014. Additionally, the deal includes further spending cuts.

He had dealt with fluctuating support from inside his governing Panhellenic Socialist Movement (Pasok), which consist 155 seats in the parliament. But ultimately, only one voted against the austerity measures.

PM Papandreou told his deputies that the austerity plan is the only possible way to help Greece and avoid a collapse.

If the austerity package was disapproved, the country funds may possibly deplete in just weeks. The European Union and IMF required the package to be put in place before they provide more loans in order to assist Greece in paying its enormous debts.

Top EU officers acknowledged the outcome as a “vote of national responsibility”, declaring that it had kept Greece from debt default and it will lead it to an additional aid package.

Newly appointed Finance Minister Evangelos Venizelos recognized that the spending cuts were not fair, but utterly necessary.

Many are experiencing debt problems due to the current state of economy. If you need to file a bankruptcy petition, a San Antonio bankruptcy attorney can help you out with the various aspects of bankruptcy proceedings.


Leave a Comment

Previous post:

Next post: