EC welcomes Greek austerity vote
European Commission pleased with Greek austerity package vote
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Tuesday, 14, Feb 2012 10:52
By Mark Fordham
The European Commission has welcomed the decision of Greek MPs to accept the latest austerity measures to ensure they receive the latest bailout fund.
Economics commissioner Olli Rehn urged Greek officials to try and take the lead and fully implement the reforms that had been demanded by the EU and the International Monetary Fund (IMF) in return for the huge bailout.
Despite attracting massive protests from the Greek citizens in Athens the reforms were agreed with a majority in parliament.
As part of the bailout, Greece is set to secure a €130 billion (£110 billion) loan from the EU and IMF to prevent the country from defaulting on its current debts. The deal hasn't yet been finalised by officials in Brussels but it could write off around half of Greece's privately-held debt.
Mr Rehn said the EU stands by the Greek people and insisted that reforms were required to ensure future economic growth in both the country and the region as a whole.
"The Greek authorities and political forces should now take full ownership and make the case for the second programme and fully implement it in order to return the country to stable economic growth and job creation," he added.