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Friday, 7 May 2010 - Greek parliament backs tough austerity bill |
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    Edition: U.S. Article Comments (1) Slideshow Video Save Email Print Reprints Most Popular Most Shared Nasdaq names stocks with cancelled trades 12:14am EDT Americans "bombarded" with cancer sources: report 06 May 2010 UPDATE 3-US stock plunge raises alarm on algo trading 06 May 2010 REFILE-US to announce Mexico trucking plan soon-LaHood 06 May 2010 Stock plunge raises alarm on algo trading | Video 06 May 2010 Crime riles Arizonans bent on immigration crackdown 06 May 2010 Stocks battered, pound bruised as fears persist 2:59am EDT Containment chamber expected as oil spill hits land | Video 3:24am EDT Kim committed to denuclearisation: report 06 May 2010 Gulf spill will "forever" change drilling-BP exec 06 May 2010 Freshway Foods recalls romaine lettuce 06 May 2010 REFILE-US to announce Mexico trucking plan soon-LaHood 06 May 2010 Stock plunge raises alarm on algo trading | Video 06 May 2010 Americans "bombarded" with cancer sources: report 06 May 2010 Nasdaq names stocks with cancelled trades 12:14am EDT Facebook privacy snafu exposed user chats 06 May 2010 Police barred from penis enlargement 23 Apr 2010 Stocks battered, pound bruised as fears persist 2:59am EDT Kim committed to denuclearisation: report 06 May 2010 BP turns to Twitter, Facebook on spill information 06 May 2010 Greek parliament backs tough austerity bill Harry Papachristou and Renee Maltezou ATHENS Thu May 6, 2010 10:57pm EDT Factboxes Factbox: Policymakers' comments on Greek rescue package Thu, May 6 2010 Factbox: Progress towards approving emergency loans to Greece Thu, May 6 2010 Factbox: Greeks hit by a new wave of austerity Thu, May 6 2010 Related News Analysis: Greek riots to weaken resolve for measures Thu, May 6 2010 Timeline: Greece's debt crisis Thu, May 6 2010 Scenarios: Can Greece cut its deficit by 11 points by 2014? Thu, May 6 2010 Geithner to discuss Greece with G7 colleagues Thu, May 6 2010 Related Video Greek banks strike over riots Thu, May 6 2010 Greek crisis no risk to Ireland < 1 / 20 > View Full Size ATHENS (Reuters) - Greek lawmakers approved the government's 30 billion euro ($40 billion) austerity bill in a vote in parliament on Thursday, paving the way for a record bailout from the European Union and International Monetary Fund. World As the vote took place, a crowd of thousands of protesting students, workers and pensioners gathered outside parliament to voice their opposition to the bill, chanting "Take to the streets! Say 'No' to the measures!" Riot police fired tear gas to disperse about 150 protesters who hurled bottles and stones. The demonstrators set garbage cans on fire as they withdrew. Wednesday, in the biggest and most violent protest since riots shook the country in 2008, some 50,000 Greeks marched in Athens and clashed with police in pitched street battles. A petrol bomb attack killed three workers in a local bank branch. Speaking to the house before the vote, Prime Minister George Papandreou said there was no time to lose in reforming Greece's broken economy, whose debt and deficit problems have triggered a wider crisis threatening the entire 16-nation euro zone. "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. In a sign of the problems Papandreou faces within his Socialists in applying the harsh measures, three members refused to support the bill, prompting him to immediately expel them from his parliamentary team. The legislation, which includes tax hikes, pension reforms and deep cuts in public sector bonuses which will slash take-home pay for a fifth of the workforce, is being pushed through in exchange for aid of 110 billion euros -- the first rescue of a member of the common currency bloc. In Washington, the White House expressed its strong support for efforts to "restore stability" to Greece and said President Barack Obama had been briefed about the issue by his top economic advisors. "Greece is enacting major economic reforms with the support of the Euro-area and the IMF. This plan is designed to deliver results over the next several years," White House spokesman Robert Gibbs said in a statement. "We strongly support this effort to help restore stability to Greece and confidence to the global financial system, and we will continue to communicate this to European officials." Obama and Papandreou spoke on Sunday. Gibbs said the administration was watching the Greek situation carefully. MORE PROTESTS PLANNED Greece's main public and private sector unions, whose strikes Wednesday grounded flights, shut shops and brought public transport to a standstill, have vowed to continue to fight the government's plans. "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." Athenians flocked to the site of the Marfin bank branch on Stadiou Avenue in central Athens, laying flowers at the entrance of the burned-out building where three employees choked to death on smoke at the height of the Wednesday march. More than 50 people were hurt in the clashes and 25 have been arrested for attacking police and damaging shops. In a nod to protesters' demands that corrupt politicians blamed for the crisis be punished, Papandreou promised action to crack down on graft. Since coming to power in October, his government has talked often about justice and transparency, but no politicians have been prosecuted yet and the public is losing patience. "We will send and we must send cases (of corruption) to the prosecutor," he said. "This is what Greek people demand." - (Additional reporting by Dina Kyriakidou and JoAnne Allen in Washington; writing by Noah Barkin; editing by Jon Boyle and Eric Walsh) World Comments See All Comments (1)  |  Post Comment May 07, 2010 12:10am EDT I’m sure when our government has to take away free healthcare, social security and more in ten years because it can no longer afford to give it to Americans, we will be much more civil and just accept it. No system of government can promise more than it delivers for very long. What’s happening in Greece is coming to a US city near you; starting with California. billy_f14 Report As Abusive       See All Comments (1)       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.   © 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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