Greek PM says sacrifices vital to avert bankruptcy

Reuters – Greek Prime Minister George Papandreou said on Tuesday his country was fighting for survival against bankruptcy and urged civil servants and pensioners to accept sacrifices to save the debt-burdened nation. In a dramatic speech to his Socialist PASOK party on the eve of a cabinet meeting expected to approve new austerity measures, Papandreou said: “I will fight to save the fatherland from whatever the nightmare possibility of bankruptcy might entail.” Under pressure to meet European Union demands to find up to 4.8 billion euros ($6.5 billion) in additional savings before he visits Germany on Friday, he played up the risk of default, saying speculators had made borrowing costs prohibitive. Read Article

Tags: 2nd Great Depression, debt & wealth, Europe, financial system