Bluefield Daily Telegraph, Bluefield, WV

National and World

November 12, 2012

Greece passes 2013 austerity budget

(Continued)

But speaking minutes before the vote, Samaras pledged the bailout funds would be disbursed "on time."

Finance Minister Yannis Stournaras also stressed the precariousness of Greece's cash reserves, with the treasury bills due on Friday.

"Without the help of the European Central Bank, the refunding of these treasury bills from the banking system will lead the private sector to complete suffocation," Stournaras said.

Disbursement of the next installment is essential "because the state's available funds are marginal, although better than expected because the 2012 budget is being executed better than expected," he said, adding that the funds are needed to pay salaries and pensions, as well as for the import of medicines, fuel and food.

Hours before the vote, 15,000 people converged outside Parliament in a peaceful demonstration. The crowd was far smaller than the 80,000-strong crowd which protested last Wednesday's austerity bill vote. That demonstration degenerated into violent clashes between riot police and hundreds of protesters.

Greece is mired in a deep recession heading into its sixth year, with more than a quarter of Greeks unemployed. Battered by a mountain of debt and a gaping budget deficit, Greece has been relying on international bailout loans from other eurozone countries and the International Monetary Fund since May 2010.

Alexis Tsipras, the head of the main opposition Radical Left Coalition party, or Syriza, insisted the new austerity cuts are unfair and would leave Greeks unable to buy essentials such as food, fuel and medicine this winter.

"This is why we say you are dangerous for this country," Tspiras said, addressing the government. "You are incapable of negotiating."

Tspiras promised to repeal the austerity laws and negotiate "on an equal footing" with the country's creditors if he were to come to power.

Text Only
National and World
Local News
AP Video
Maine Police Investigate Deaths of Family of 5 UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating The Carbon Trap: US Exports Global Warming 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Shipwrecked Concordia Completes Last Voyage US Evacuates Embassy in Libya Amid Clashes Raw: Massive Dust Storm Covers Phoenix Raw: Israel, Palestine Supporters Rally in US Obama Asks Central American Leaders for Help Virginia Governor Tours Tornado Aftermath Kerry: No Deal Yet on 7-Day Gaza Truce Kangaroo Goes Missing in Oklahoma Judge Faces Heat Over Offer to Help Migrant Kids Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Obama Advisor Skips House Hearing
Sister Newspapers' News