Austerity Measure Talks Are Stalled in Greece - NYTimes.com - 0 views
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Talks between Prime Minister Lucas Papademos and the three political leaders in his government stalled early Thursday, but the leaders pledged to resume talks in order to reach an agreement on austerity measures demanded by Greece’s financial backers in return for a $170 billion bailout.
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If the leaders do not accept the measures, Greece’s foreign lenders will not give it the aid it needs to prevent a default as soon as March. It would also jeopardize a bond swap under which private investors would take losses of up to 70 percent.
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The leaders appear to have agreed to one of the most controversial austerity measures, a 22 percent reduction in the minimum wage, to around $775 a month, according to the statement by Mr. Papademos.
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