Greece Prime Minister Favors Austerity Measures

Greece Prime Minister Favors Austerity MeasuresGreece Prime Minister George Papandreou will be challenging the opposition faced by the government regarding the cuts and qualms about Greece over the default.

European authorities have been coercing the government to increase the cuts before the country receives funding from the portion of an investment bailout loans issued.

The government has been facing counter attack, as the opposition has been blaming the government for the cuts and so, Mr. Papandreou will address the nation regarding the matter and will put forth his points.

The government has faced many counter attacks from various sources, as union leaders have been taking out rallies for their interest, students have been opposing against the new education reforms and taxi drivers have been countering the recent licensing rules.

The CMA has notified that the Greek sovereign debt has leaped by 212 basis points and stayed at 3,238.

Finance Minister Evangelos Venizelos stated that the European Union and International Monetary Fund had anticipated in June that the economy would shrivel by 3.8%, but according to the present scenario, it would be down by
5%.

Venizelos also notified that the country would have to follow the austerity measures; however, he refused about any default reports.