Greece to vote on pay cuts and tax hikes

WITH three deaths on the streets of Athens and widespread protests, Europe’s political and economic leaders have moved to try to calm the atmosphere in Greece and prevent a collapse of the euro.

Ahead of today’s vote in the Greek parliament on the massive pay cuts and tax hikes in exchange for a €110 billion bailout, the EU’s finance chief, Ollie Rehn warned of the dangers of “economic contagion”.

“It is so important to stop this bush fire before it becomes a forest fire,” he said, adding that he believed the euro countries’ decision to lend to Greece was a turning point.