Greece faces bankruptcy: Greek PM
Greek Prime Minister Lucas Papademos has warned that his country faces 'the specter of bankruptcy and all the dire consequences that it entails.' - Lucas Papademos said on Sunday that Greece would default on its debts and might not be able to pay off its loans, and thus forced out of the eurozone unless the country's international creditors agreed to a new bailout. The warning comes as Greece's international lenders say the country needs EUR145 billion of public money from the eurozone for its second bailout to escape economic failure. The figure is more than the planned EUR130 billion because of the deteriorating economic situation in Greece. The European Union (EU) and the International Monetary Fund (IMF) have presented Greece with two rescue packages so far in return for specific austerity measures, which include cutting public sector salaries and pensions, increasing taxes and overhauling the pension system.
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