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Greece to get loan

Tuesday, October 11, 2011 - 01:39

Oct. 11 - International lenders have agreed to give Greece an 8 billion euro lifeline next month in order to avoid bankruptcy, buying time in a debt crisis that Europe's top central banker labelled ''systemic''. Hayley Platt reports

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Civil servants protest outside the Greek parliament over plans to further slash wages and jobs. Inside inspectors from the EU, ECB and IMF were agreeing to give Greece another 8 billion euros in aid. The so-called 'troika' said the latest installment of aid should be paid in early November - just in time to prevent the country running out of money. The inspectors have spent a week in Athens examining Greece's finances. They made their announcement after a meeting with the country's Finance Minister. He remains adamant Greece will not give up the euro. SOUNDBITE: Evangelos Venizelos, Greek Finance Minister, saying (Greek): "There is no issue of negotiation on this, neither from us nor from our partners: Greece is and will remain a member of the euro zone, a member of the euro." But Evangelos Venizelos also warned that Greece would have to be prepared to accept more belt-tightening if next year's debt goals are to be met. That's unlikely to go down well with ordinary Greeks. Themis Balasopoulos is President of the Municipal Workers Union. SOUNDBITE) (Greek) THEMIS BALASOPOULOS, PRESIDENT OF THE MUNICIPAL WORKERS UNION OF ATHENS SAYING: "They are cutting our wages by 40 percent and they are taking away our right to live. Through the labour program they are going to fire us, we are going to fight until we can reverse this policy." The latest loan will also only prevent Greece from defaulting for a small period of time. EU leaders have promised to come up with a comprehensive strategy to fight the debt crisis at the next EU summit on October 23. Hayley Platt, Reuters.

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Greece to get loan

Tuesday, October 11, 2011 - 01:39