BREAKING NEWS

Greek PM warns of collapse if bailout deal rejected

By REUTERS

FEBRUARY 11, 2012 21:49

ATHENS - Greek Prime Minister Lucas Papademos told Greeks they face a collapse in living standards and shortages of fuel and medicine if lawmakers on Sunday reject a multi-billion euro bailout deal and the country defaults on its debt.

Papademos spoke on Saturday in a televised address to the nation before parliament votes on a deeply unpopular austerity bill to clinch a 130-billion-euro bailout from the European Union and International Monetary Fund.

"This agreement will decide the country's future," he said. "We are just a breath away from ground zero."

"A disorderly default would set the country on a disastrous adventure," Papademos said. "Living standards would collapse and it would lead sooner or later to an exit from the euro."

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