BREAKING NEWS

Greek PM: Agreement reached with IMF and EU

By ASSOCIATED PRESS

MAY 2, 2010 11:34

Greece has reached an agreement with the International Money Fund and European Union on a rescue package for the debt-laden country, Greek Prime Minister George Papandreou said Sunday.

His government on Sunday was set to announce harsh spending cuts through 2012, as part of the loan agreement worth some €120 billion ($159 billion). Papandreou said that Greek would be called upon to make "great sacrifices" to avoid catastrophe.

Eurozone finance ministers have scheduled an emergency meeting later Sunday and were expected to approve the EU's contribution.

Greek unions were planning a general strike Wednesday against the new cuts. Violent clashes broke out Sunday during anti-government protests at May 1 Labor Day rallies.

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