Greeks to consider Europe bailout plan

Greece’s Prime Minister Georgios Papandreou remained determined on Wednesday to consult his people on the European rescue package that was reached at last week’s EU summit.

Papandreou told parliament that “the referendum will be a clear mandate and strong measure inside and outside Greece on our course in Europe and our participation in the euro.”

The deal offers Greece a 50 percent write down of international bank debt, however it would continue to face a draconian austerity programme, and will be left owing 120 percent GDP.

The decision to take the bailout plan to the voters has shocked European leaders who are expected to meet with the Greek premier later on Wednesday ahead of the G20 summit in Cannes.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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