Today: Europe gives Greece ultimatum: austerity for loans - Yahoo! News

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Jun 20, 2011

Europe gives Greece ultimatum: austerity for loans - Yahoo! News

LUXEMBOURG/ATHENS (Reuters) - Euro zone finance ministers gave Greece two weeks from Monday to approve stricter austerity measures in return for another 12 billion euros in emergency loans, piling pressure on Athens to get its ragged finances in order.

After two days of crisis meetings, the ministers effectively issued Athens an ultimatum, saying the Greek government, parliament and broader society had until July 3 to approve a new package of spending cuts, tax hikes and privatization measures in order to receive the next tranche of EU/IMF aid.

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