Financial Schools Reviews

() - Greek Prime Minister George Papandreou on Friday said his debt-stricken country may need to take further austerity measures in return to the joint financial aid from the Eurozone and the International Monetary Fund.

Speaking in Parliament, Papandreou said the measures are economic measures and are necessary for the “protection of our country”. His statement comes as talks between the European Union, the European Central Bank and the IMF, reportedly neared a conclusion on a proposed bailout package for Athens. Other euro area members and the IMF have offered EUR 45 billion funds this year and the amount is widely expected to be increased to EUR 100-EUR 120 billion for a three-year period.

Meanwhile, the Financial Times newspaper reported citing people familiar with the talks that Greece has agreed the outline of a EUR 24 billion austerity package, which include a three-year wage freeze for public sector workers.

Public anger was on the rise last week as thousands of Greek public workers launched a strike on April 22, protesting against austerity measures and demanding that the government must not agree further spending cuts.

In the meantime, European Union policymakers have repeatedly said that Greece’s need would be met in time. Markets felt some relief on Friday as expectations for an imminent loan approval increased. Greece’s borrowing costs fell for the second day.

Eurozone finance ministers are holding a meeting this weekend to discuss the crisis, media reports said.

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