Greeceâ€™s prime minister is warning that the country could be forced out of the euro zone if the debt-laden countryâ€™s parliament does not approve a new round of austerity measures in a vote scheduled for Wednesday.
â€œWe must save the country from catastrophe,â€ Prime Minister Antonis Samaras told lawmakers from his conservative party on Sunday, according to AFP. â€œIf we fail to stay in the euro, nothing will make sense.â€
Greeceâ€™s parliament is due to vote on a package of more than 13 billion euros in spending cuts, tax hikes and other reforms. Greece must approve the package and its 2013 budget to receive aid from the European Union and the International Monetary Fund. see MarketWatch Topics: Greece
Samarasâ€™s New Democracy Party and its coalition partners are expected to narrowly win approval for the package on Wednesday. The prime minister said at a party meeting that approving the cuts and tax increases would ensure that Greece stays in the euro zone. A vote on the 2013 budget is scheduled for Nov. 11.
â€œAs soon as the new measures are passed and we get the critical aid tranche, liquidity will start again to feed businesses and households, uncertainty will end, sentiment will change and the fear of a return to the drachma will disappear,â€ he said, according to Reuters.
â€œAll this (talk of Greece exiting the euro) will end irreversibly,â€ Samaras said.
Via – MarketWatch
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