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Greece still to convince Europe after rescue deal
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Reuters:
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The Greek government came under pressure on Monday to convince skeptical European capitals that it would stick to the terms of a multi-billion-euro rescue package endorsed by lawmakers during violent protests on the streets of Athens.
Parliament backed drastic cuts in wages, pensions and jobs on Sunday as the price of a 130-billion-euro ($172 billion) bailout by the European Union and International Monetary Fund, as running battles between police and rioters outside parliament drove home a sense of deepening crisis.
The EU welcomed the vote, but told Greece it had more to do to secure the funds and avoid a disorderly default next month that would have "devastating consequences."
Euro zone finance ministers meet on Wednesday, and the fragile ruling coalition of Prime Minister Lucas Papademos has until then to say how 325 million euros of the 3.3 billion euros in budget savings will be achieved.
A government spokesman said political leaders also had until Wednesday to give a written commitment that they will implement the terms of the deal, reflecting fatigue in Brussels over what EU leaders say have been a string of broken promises.
Watch from Reuters:
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Watch from MEGA (in Greek) - Lucas Papademos addresses the Hellenic Parliament before voting on austerity measures:
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