27 Jun 2011

Debt-ridden Greece gears up for crucial week

1:26 pm on 27 June 2011

EU leaders have urged all Greek politicians to support new spending cuts and tax hikes, saying there is no alternative if debt-laden Athens is to qualify for a second massive bail-out.

Greece must this week pass new austerity measures to trigger the release of more bail-out cash from the EU and IMF, which is crucial if the country is to stay afloat, the BBC reports.

Parliament was due on Monday to begin debating the programme of tax increases and spending cuts worth 28 billion euros over five years.

Parliamentary approval is needed before the next bail-out payment is made.