Greece must back bailout or face catastrophe: Papademos

Greek Prime Minister Lucas Papademos told his turbulent coalition government on Friday to accept a harsh international bailout deal or condemn the nation to catastrophe.

"We cannot allow Greece to go bankrupt," he told a cabinet meeting. "Our priority is to do whatever it takes to approve the new economic program and proceed with the new loan agreement."

Papademos, the sole technocrat in a coalition of feuding politicians, tried to assert his authority after six cabinet members resigned over EU and IMF demands for yet more pay, pension and job cuts in return for the financial rescue.

"It goes without saying that whoever disagrees and does not vote for the new program cannot remain in the government," he said in televised remarks.

Read Full Article from Reuters Canada

- Posted: 2012-02-10 15:18:07

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