Greece Parliament to vote on austerity measures (15)

Athens, Greece (CNN) – The parliament in Greece is expected to vote Sunday on austerity measures demanded in return for a new eurozone bailout of the debt-stricken country.

In a speech Saturday evening, Prime Minister Lucas Papademos urged the Cabinet to approve the deal, warning of “social explosion, chaos” if it fails.

“The state will not be able to pay salaries and pensions or import basic goods” such as medicine and fuel, he warned, adding that “unemployment, which is currently unacceptably high, would increase even higher.”

Ultimately, Papademos said, if parliament rejects the deal, Greece — already in the midst of a prolonged recession — would be “bankrupted and out of the eurozone.”

Parliamentary approval would pave the way for the eurozone finance ministers to sign off on the new €130 billion ($172.6 billion) bailout deal.

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See Also:

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Greece must close ‘bottomless pit,’ says Schauble

Afternoon Updates:

12:27 pm EST, February 12th, 2012 — Is Portugal Next?

12:30 pm EST, February 12th, 2012 – A post-troika Greece

12:32 pm EST, February 12th, 2012 — Protesters battle Greek police as parliament decides

12:36 pm EST, February 12th, 2012 — Booker: Democracy is ending in the land where it began

12:40 pm EST, February 12th, 2012 — Gap-year holidays that reveal the madness of overseas aid

12:45 pm EST, February 12th, 2012 — EU Carbon Trade Deal Urged By Airlines

12:50 pm EST, February 12th, 2012 — Crucial euro zone vote starts in Greece

12:55 pm EST, February 12th, 2012 — I fear for a social explosion: Greeks can’t take any more punishment

1:03 pm EST, February 12th, 2012 — Why Greece and Portugal ought to go bankrupt

1:15 pm EST, February 12th, 2012 — Portugal unions slam IMF, EU’s ‘poverty agenda’

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