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Edition: U.S. Article Comments (13) Slideshow Video Save Email Print Reprints Most Popular Most Shared Crime riles Arizonans bent on immigration crackdown 10:31am EDT UPDATE 1- Sinatra week ends Aaron Kelly's run on "Idol" 1:20am EDT Luggage explosion causes scare at Houston airport 04 May 2010 Americans "bombarded" with cancer causes: government panel 11:14am EDT Many possible triggers for wider euro debt crisis 05 May 2010 Greek PM presses austerity plan, vows to fight graft | Video 11:09am EDT Greece to back austerity plan | Video 10:41am EDT Euro, world stocks hit by Greek contagion fear 8:23am EDT Wall Street extends losses on Greece worry 11:25am EDT WRAPUP 1-US asks Pakistan for help in NY bomb probe-report 12:36am EDT Americans "bombarded" with cancer causes: government panel 11:14am EDT Crime riles Arizonans bent on immigration crackdown 10:31am EDT Bad night's sleep can hamper body's insulin use 05 May 2010 Congress probing J&J Children's Tylenol recall 9:31am EDT Many possible triggers for wider euro debt crisis 05 May 2010 Sprint to unveil new text-centric cell plan 12:21am EDT Greece to back austerity plan | Video 10:41am EDT U.S. safety agency looking into P&G's new Pampers 05 May 2010 Obama biggest recipient of BP cash 05 May 2010 FDA finds grime at J&J plant, urges use of generics 05 May 2010 Greek PM presses austerity plan, vows to fight graft Harry Papachristou and Renee Maltezou ATHENS Thu May 6, 2010 11:09am EDT Factboxes Factbox: Policymakers' comments on Greek rescue package 11:09am EDT Factbox: Progress towards approving emergency loans to Greece 9:41am EDT Related News Merkel judgment, leadership open to doubt over Greece 10:33am EDT Analysis: Greek riots to weaken resolve for measures 8:14am EDT Timeline: Greece's debt crisis 8:14am EDT Scenarios: Can Greece cut its deficit by 11 points by 2014? 8:14am EDT Related Video Greek crisis no risk to Ireland 10:22am EDT < 1 / 18 > View Full Size ATHENS (Reuters) - Greece's prime minister urged the nation on Thursday to accept draconian budget cuts that have spurred tens of thousands into the streets in protest and promised to heed their call for a crackdown on corruption. World | Greece Speaking to lawmakers a day after some 50,000 Greeks marched in Athens and a petrol bomb attack killed three workers in a bank, George Papandreou said there was no time to lose in reforming a broken economy whose debt and deficit problems have put the entire 16-nation euro zone at risk. "The emergency measures are the condition for us to regain our credibility and win time, lost time. The time to make the big changes that were delayed for years," he said. "We wouldn't be here, we wouldn't be asking Greeks for these sacrifices, if this looting hadn't taken place," he added, accusing the previous conservative government of systematic corruption that pushed Greece to the brink of bankruptcy. Parliament is due to vote late on Thursday on an austerity bill which foresees 30 billion euros ($40 billion) of new deficit-reduction measures, including deep cuts in public sector bonuses which will slash pay for a fifth of the workforce. The main conservative and leftist opposition parties have said they will vote against the bill, which should not get in the way of its passage but has doomed government hopes of establishing a broad political consensus for the measures. "The government supports the bill and will pass it but we are obliged to reject it," said Antonis Samaras, leader of the conservative New Democracy party, which ruled Greece for the five years before Papandreou's Socialists took power in October. MORE PROTESTS PLANNED Greece's main public and private sector unions, whose strikes on Wednesday grounded flights, shut shops and brought public transport to a standstill, planned to demonstrate in front of parliament on Thursday evening. Dozens of Athenians flocked to the site of the Marfin bank branch on Stadiou Avenue in central Athens, laying flowers at the entrance of the blackened building where three employees choked to death at the height of the Wednesday march. More than 50 people were injured in Wednesday's clashes and 25 have been arrested for attacking police and damaging shops. While people in the streets denounced the deaths as a tragedy, nobody was in a mood to rein in protests, which have been fueled by outrage that corrupt politicians responsible for the country's woes are not being punished. Thousands of protesters chanted "Thieves, Thieves!" outside parliament on Wednesday. "People are right to react and they should continue to protest because these measures are unfair," said Pinelopi Darmi, a 20-year-old university student. "They hurt the poor only and let those responsible for the crisis get away with it." Papandreou appeared to have heard those calls, warning that Greece's democratic institutions had been taken over by special interests and vowing to punish corrupt politicians. "We will send and we must send cases (of corruption) to the prosecutor," he said. "This is what Greek people demand." His government has talked often about justice and transparency since taking power last year, but no politicians have been prosecuted yet and the public is losing patience. Thanassis Nazaris, an elderly shop owner, said he expected protests to build after Greeks return from summer breaks and find they do not have enough money to live. "Things will get worse. Wait till autumn, we will be devouring each other," he said. Despite the risks, University of Athens professor Kostas Ifantis predicted that the government would stick with the measures, which are being pushed through in exchange for 110 billion euros ($148 billion) in aid from the EU and IMF. "What can they do, scrap the whole program?" he said. "I don't think so. They have no choice, there is no choice." (Additional reporting by George Georgiopoulos; writing by Noah Barkin; editing by Andrew Roche) World Greece Comments See All Comments (13) | Post Comment May 06, 2010 10:14am EDT The Greeks need to face the facts. While this is a bitter pill, it is necessary. We wish them the very best in resolving this problem. While other countries are more than willing to help, in the end, it is the Greeks that must solve the problem. Willie12345 Report As Abusive May 06, 2010 10:18am EDT Would someone be so kind as to explain what would happen if Greece defaulted? Would it be less expensive for the country to default, or to pay back its debt? Is there any advantage one way or the other? Should they take on more debt in the hopes of being able to pay it back with interest even though they are on the brink of collapse? Being such a small country, couldn’t their debts be forgiven? And if this was the result of corruption should the citizens be left on the hook for it? Benny_Acosta Report As Abusive May 06, 2010 10:24am EDT The Greek austerity plan may be a recovery model for other Western democracies in the future. For example, the US state of California (and other states to follow) may be confronted with similar austerity measures in the coming months. How might Californians react to such measures…? More at: http://wjmc.blogspot.com/2010/05/how-would-californians-react-to.html Thanks for the opportunity to comment… mckibbinusa Report As Abusive May 06, 2010 10:44am EDT This is exactly what the US should do. Cut Gov’t budgets by 10-20% across the board. It is a bitter pill, but it’s one we need as well…..espescialy the way Obama spends $$…… Voteoutincumb Report As Abusive May 06, 2010 10:48am EDT Benny – Just for starters, if Greece defaults, do you think they will ever be able to issue debt again? At at what cost? 20%? Would you buy it? And just forgive the debt! lol Nice precedent being set there. The US should do the same then…..and everyone else in the world. Screw it! All debt is forgiven everywhere, were all at zero again! ya!! Your a Demacrat, right? LMAO I’m non-partisian by the way, not a Republician. Voteoutincumb Report As Abusive May 06, 2010 10:49am EDT Despite what the prime minister’s rhetorics the bill will not be applicable in practice. The measures will kill the Greek economy and the Greek people will not allow that to happen. alderman Report As Abusive May 06, 2010 11:00am EDT Voteoutincumb I was actually asking a question. And you didn’t answer it. You laugh at debt forgiveness. But if you owed lots of money, you would be only too happy to accept that forgiveness. If everyone forgave their debts, you are correct that we would all be at zero and able to start over. I’m an independent by the way. I just see the financial system as a merely a system. If a system is broken, you halt it, fix it, and start over. You don’t put people’s lives through a grinder just because some corrupt people want a payday. Perhaps someone with an UNDERSTANDING of the situation would be kind enough to answer my questions. That obviously isn’t you. Benny_Acosta Report As Abusive May 06, 2010 11:17am EDT I find amazing that people keep refering to the need for reforms. Greek people don’t dismiss the need for budget cuts… But they want the effort to be fairly shared… the problem of the reforms is that it appears highly unfair. e.g.: it looks like if taxation of higher revenues has not even been discussed… It’s a recuring theme all over the globe. In my view, as long as this crucial problem of widening gap between richest and average tax payer has not been addressed, there will be more and more unrest in Europe and elsewhere. I am leaving in a different planet? Looks so obvious to me that I am wondering if I missed something here… Chris27 Report As Abusive May 06, 2010 11:37am EDT can Bill Gates or Warren Buffett buy Greece? Everyone needs to go back to the KISS principle (keep it simple stupid). If u don’t have money you don’t buy or spend. Those who have bought or spent beyond their means need to be stripped of all their possessions and kicked out to the curbside. This applies to individuals, organizations, and governments. Why should the responsible pay for the idiots? dogdays2000 Report As Abusive See All Comments (13) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters Wall Street extends losses on Greece worry NEW YORK (Reuters) - U.S. stocks extended losses on Thursday, with the major indexes falling 1 percent on worries the credit crisis in Greece could spread and disappointing chain store sales data for April. Jobless claims dip, productivity growth slows April retail sales disappoint U.S. was ill-prepared for crisis: Paulson ECB gives Greece verbal support, but no fresh action Fed's Bullard: EU debt woes weigh on U.S. recovery » More Top News Greece vows to "walk alone" The Greek government said there was "no alternative" to deep budget cuts and said it would press ahead with the austerity plan in the face of violent opposition. Full Article | Video A snapshot of austerity to come Timeline: Greece's debt crisis Can Greece avoid default? Breakingviews: U.S. shouldn't be smug Slideshow: Chaos in Greece Greece Special Report: Bailed out and cashing in Wall Street bankers faced the most grief about their fat paychecks, but homebuilder execs' generous pay has gone under the radar despite their own brand of government bailout. Full Article Foreigners return to mortgage assets Home loan demand up More sellers cut home prices in April Housing Market © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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