ATHENS, Greece (AP) — Greek Finance Minister George Papaconstantinou says his country’s only hope of avoiding bankruptcy and a suspension of payments this month is to take money from a joint European Union and International Monetary Fund rescue package.
Greece has to impose harsh new austerity measures, including slashing salaries and pensions and increasing taxes, in order to get money from the package, which will provide the country with loans from other eurozone countries and the IMF.
Papaconstantinou said Greece’s state coffers don’t have enough money to refinance a 9 billion ($11.63 billion) bond that matures May 19. He said the only way the country can avoid bankruptcy and the suspension of payments is to tap the rescue package.
He made the comments during a debate in Parliament on passing the austerity measures bill.
