NEWS

PM says midterm necessary to avoid bankruptcy

Socialist Prime Minister George Papandreou said on Wednesday an unpopular package of austerity measures is necessary to guarantee the stability and growth of the Greek economy.

Papandreou was speaking minutes ahead of a knife-edge vote by Greek lawmakers on the package, known as the midterm fiscal plan, which is seen as a condition for securing crucial bailout funds.

Papandreou urged deputies to ?live up to the circumstances? and back the program, stressing that ?we must by all means avoid the bankruptcy of the country.?