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    June 21, 2011

Eurozone Ministers to Greece: No Bailout Payment without Spending Cuts

   VOA News
   Employees of the state-owned company Hellenic Defence Systems, protest
   outside the Greek parliament against the privatization of the company,
   June 21, 2011
   Photo: AP
   Employees of the state-owned company Hellenic Defence Systems, protest
   outside the Greek parliament against the privatization of the company,
   June 21, 2011

   The government of Greek Prime Minister George Papandreou faces a vote
   of confidence Tuesday in the midst of strikes and protests against
   further austerity measures.
   Papandreou is appealing to parliament to pass his package of spending
   cuts, tax hikes, and sale of state assets to stave off bankruptcy and
   default on the country's debt. Economic analysts say a default by
   Greece could spark another global financial disaster.
   Eurozone finance ministers say Greece must institute further severe
   economic reforms before it can receive the next $17 billion payment
   loan installment from the European Union and the International Monetary
   Fund (IMF).
   Monday, European finance ministers held off approval of the next
   installment of the $160 billion bailout package pending approval of
   further austerity measures in Greece.
   However, the ministers welcomed what they called "informal voluntary"
   rollovers by Greek bond holders - meaning that those who hold Greek
   debt would hold off demanding payment.

   Some information for this report was provided by AP, AFP and Reuters.

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