Greek Prime Minister Pushes for “Final” Austerity Measures

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By Trey Thoelcke Published
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Greek Prime Minister Antonis Samaras says that Greece could be ousted the eurozone if the debt-laden country’s parliament fails to approve a new round of austerity measures. The parliament is due to vote Wednesday on a package of more than 13 billion euros in spending cuts, tax hikes and other reforms. The package and a 2013 budget must be approved before Greece can receive aid from the European Union and the International Monetary Fund.

“We must save the country from catastrophe,” Samaras warned. “If we fail to stay in the euro, nothing will make sense.”

Samaras pledged Sunday that proposed wage and pension cuts will be the last, as Greek society would not tolerate any more austerity measures. Samaras’s New Democracy Party and its coalition partners are expected to narrowly win approval for the package when it comes up for a vote on Wednesday.

“As soon as the new measures are passed and we get the critical aid tranche, liquidity will start again to feed businesses and households, uncertainty will end, sentiment will change and the fear of a return to the drachma will disappear,” Samaras told lawmakers from his party.

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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