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Another debt ceiling debacle could sink the economy

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Greek PM warns of collapse if bailout deal rejected

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ATHENS | Sat Feb 11, 2012 2:39pm EST

ATHENS (Reuters) - 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."

Failing to adopt the bill, he said, "would disrupt imports of fuel, medicine and machinery."

(Reporting by Harry Papachristou; Writing by Matt Robinson)
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Comments (5)
perilun wrote:
There is another option, play the China card and the Greeks can have the powerful backer they need. See stormyridge.net/blog/archives/3048 for a plan.

Feb 11, 2012 3:30pm EST  --  Report as abuse
retired_sandman wrote:
Nonsense. Go back to using the drachma & print drachmas.

That’s how the US does it.

Greece’s only problem is it can’t print euros.

Feb 11, 2012 4:00pm EST  --  Report as abuse
econundertow wrote:
Papademos also said: “AUSTERITY will set the country on a disastrous adventure. Living standards will collapse and it will lead sooner or later to an exit from the euro.”

Except for the swindlers and 1%ers, the game is over.

Feb 11, 2012 4:15pm EST  --  Report as abuse
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