The Greek parliament is poised to approve a stinging new round of austerity measures designed to bring the cash strapped country back from the brink of bankruptcy.
Greece needs to make budget cuts of almost 30 billion euros to qualify for a second bailout package – worth some 100 billion euros – from the IMF and the EU. The measures have been put before parliament, which must approve the measure by the close of play Wednesday.
The first bailout – worth 110 billion euros – came after a round of harsh austerity measures imposed in May 2010.
The harshness of the cuts has resulted in discontent spilling out onto the streets, with a 48-hour general strike continuing on Wednesday. The protesters are calling for Prime Minister George Papandreou to abandon these further budget cuts.
Here is a brief breakdown of what the cuts would involve:
Date created : 2011-06-29